[caption id="attachment_69253" align="alignleft" width="225" caption="Sen. Charles Grassley, R-Iowa, wrote a letter to Education Secretary Arne Duncan in late July, questioning the lack of set rules regarding the department’s contact with Wall Street."][/caption]

Did Wall Street traders influence the development of new rules governing for-profit colleges, or benefit from inside information about these rules before it became public? Those are questions at the center of an investigation by the Education Department’s (ED’s) inspector general and a separate inquiry by Sen. Charles Grassley, R-Iowa.

The investigations were prompted by the release of several...

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