Volcker rule

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The Volcker Rule Is Here! Will It Work?

FDIC, Fed unanimously approve regulation banks have lobbied against

(Newser) - The FDIC and Federal Reserve both unanimously approved the long-debated Volcker Rule today, and three other regulatory agencies plan to before the day is out, making it official. The rule, named for and originally proposed by Paul Volcker, aims to ban proprietary trading, "or in plain English," as... More »

Obama Picks TARP Honcho to Run Futures Regulator

He'll use speech to advocate for CFTC

(Newser) - President Obama is nominating a top Treasury Department official to run the independent agency that regulates the futures and options market. The White House says Obama will announce the nomination of Timothy Massad to head the Commodity Futures Trading Commission today. For the past three years, Massad has overseen the... More »

JPMorgan Chase Pushed for Trading Loophole

What could possibly go wrong?

(Newser) - Jamie Dimon and other top executives at JPMorgan Chase personally pushed for loopholes in the nation's new regulatory laws allowing for the type of risky trading that resulted in the bank's new $2 billion loss , reports the New York Times . In fact, one meeting in February between bank... More »

Volcker Rule Too 'Complicated,' Says ... Volcker

Financial lobbyists added too much, claims former Fed chair

(Newser) - How’s this for irony: The Volcker rule is too complex and long … according to the guy whose name is on the rule. "It's much more complicated than I would like to see," said Paul Volcker during a talk in Singapore today. Who’s to blame... More »

Volcker to Join White House Exodus

Economic titan leaves mixed legacy, will continue to advise

(Newser) - Economic heavyweight Paul Volcker is adding his name to the list of advisers leaving the White House this month, reports Reuters. The 83-year-old architect of the Volcker Rule will no longer head up the President's Economic Recovery Advisory Board , but has indicated that he'll continue to advise President Obama as... More »

Reform Isn't Perfect, But Still 'Big and Welcome'

Consumer agency great, but Volcker rule remains 'vague'

(Newser) - The Wall Street reform that emerged from Washington this morning isn't perfect, but all in all this is a "great day," writes financial blogger Felix Salmon at Reuters . The consumer protection agency is overdue, "and while banks won’t have to sell their swaps desks entirely, they... More »

Maybe Dodd's Angling for 'Cushy Bank Job'

Senator's threats on Volcker rule insane, and bad politics

(Newser) - That Sen. Chris Dodd would sacrifice tighter regulations on big banks in the name of bipartisanship is so insane—and bad politics, to boot—that his threats on the so-called Volcker rule have Joe Klein wondering if the Connecticut Democrat “just wants a nice, cushy bank job after he... More »

Bank Risk Rules Could Die in Senate

Retiring Dodd wants GOP support, Obama be damned

(Newser) - President Obama’s plan to limit the amount of risk big US banks can take could well die in the Senate if the measure isn’t seen as bipartisan enough by Chris Dodd, the retiring Banking Committee chair, and Senate Republicans. “He wants to end his career with an... More »

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