While it’s unclear how Wall Street will respond to the final Volcker Rule proposal, one thing is clear: the banks have done their very best to bend and shape the rule by never leaving regulators alone.Continue reading
Banking money fuels senators who want to slow down Volcker
The six senators who introduced legislation Thursday to slow down implementation of the "Volcker rule," designed to prohibit banks from profiting from trading on their own accounts, are the recipients of ample amounts of campaign cash from the financial industry.
Three Democrats and three Republicans are cosponsoring the effort to push back the effective date of a rule that has provoked bitter complaints from the banking industry. The Dodd-Frank law mandated that it go into effect July 21, the second anniversary of the financial regulatory overhaul. More than 17,000 comments have flooded into federal financial agencies. The proposed legislation ...Continue reading
Big banks press financial agencies on Volcker rule
Big banks paid calls on federal financial agencies in the days leading up to Monday's midnight deadline for the public to submit comments on the controversial Volcker rule, a provision of the Dodd-Frank financial regulatory legislation meant to prohibit banks from using customers' money to make risky bets on the market.
Bank of America and Morgan Stanley paid visits to the Commodity Futures Trading Commission (CFTC) in recent weeks, according to reports of meetings with outside groups that federal financial agencies make available voluntarily.
Last month representatives from the law firm Davis Polk -- which was hired by the Securities ...Continue reading
Conference committee members seek loopholes, receive high percentage of finance contributions
Four key lawmakers on the financial reform conference committee are seeking to create loopholes in the so-called Volcker Rule and... View ArticleContinue reading