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Articles tagged with: Volcker Rule

AFR in the News: Gary Cohn is Giving Goldman Sachs Everything It Ever Wanted (The Intercept)
September 18, 2017 – 3:32 pm

“No other piece of Dodd-Frank “mattered to Goldman quite like the Volcker Rule, which would protect banks’ solvency by limiting their freedom to make speculative trades with their own money. Unless Goldman could initiate what [AFR Policy Director Marcus] Stanley called the ‘complexity two-step’ — win a carve-out so a new rule wouldn’t interfere with legitimate business and then use that carve-out to render a rule toothless — Volcker would slam the door shut on the entire direction in which Blankfein and Cohn had taken Goldman.”

AFR in the News: Mnuchin Said to Start Review That Could Ease Volcker Rule’s Bite (Bloomberg)
May 15, 2017 – 9:38 am

“At a closed-door meeting in Washington on Monday, Treasury Secretary Steven Mnuchin directed five key agencies to re-examine what’s permitted under the Volcker Rule… Marcus Stanley, policy director at Americans for Financial Reform, said he’s dubious that Volcker is handcuffing lenders. ‘You’re talking about banks that are making tens of billions a year on trading activity,” said Stanley, whose group supports aggressive oversight of Wall Street. “It doesn’t seem to me that they’ve exited the markets.’”

AFR Policy Brief: The Volcker Rule And Market Making in Times Of Stress
February 24, 2017 – 5:18 pm

” ‘The Volcker Rule And Market Making In Times of Stress’ paper does not represent the official view of the Federal Reserve, and is not a Federal Reserve Report. …It is simply false to present this paper as demonstrating that the Volcker Rule has created market costs that exceed its risk reduction benefits.”

AFR in the News: Time Short for Goldman, Morgan Stanley to Exit Billions in Funds (Bloomberg)
July 15, 2016 – 12:39 pm

“The banks have had plenty of warning, and they’ve had a good market to sell their holdings, said Marcus Stanley, policy director for Americans for Financial Reform. They ‘want to hit the snooze button again over and over with the Fed,’ Stanley said… ‘The regulators have to be prepared to say, Time’s up.’ ”

Letter to Regulators: The Public Deserves More Transparency on Volcker Rule Implementation
December 18, 2015 – 10:57 am

AFR is calling on financial regulators to provide the public with more transparency on the implementation of the Volcker Rule, the historic prohibition on bank proprietary trading incorporated into the Dodd-Frank Act.

AFR in the News: Did the Volcker rule really harm the bond market? (MarketWatch)
August 21, 2015 – 12:04 pm

“Bonds seem to trade in smaller transaction sizes than they once did… That is perceived as a sign of illiquidity… A better indication, according to a presentation by Marcus Stanley, policy director of Americans for Financial Reform, would be total trading in the corporate market, which in fact has slightly increased since the financial crisis.”

AFR in the News: Canada Just Threw a Grenade Into Elizabeth Warren’s Trade Fight With Obama (Huffington Post)
May 19, 2015 – 2:38 pm

“‘The administration can say whatever it wants about its interpretation of these trade agreements,’ said Marcus Stanley, policy director at Americans for Financial Reform, a Wall Street watchdog group. ‘The problem is, under the terms of these agreements, they are not going to be interpreting them. Private tribunals of trade lawyers are going to be interpreting them, and there are going to be plenty of openings, as this shows, to make claims that critical prudential regulations conflict with trade agreements. And eventually one of those is going to win out.'”

AFR in the News: Republicans and Wall Street Say To Hell With Protecting the Public! (Moyers & Co.)
January 18, 2015 – 10:01 am

“Since December, Congress has twice passed measures to weaken regulations in the Dodd-Frank financial law that are intended to reduce the risk of another financial meltdown. In the last election cycle, Wall Street banks and financial interests spent over $1.2 billion on lobbying and campaign contributions, according to Americans for Financial Reform. Their spending strategy appears to be working. Just this week, the House passed further legislation that would delay by two years some key provisions of Dodd-Frank. “[Banks] want to be able to do things their way, and that’s very dangerous.” MIT economist Simon Johnson tells Bill.