Tag Archives: Volcker Rule

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AFR in the News: Volcker Rule Conflict Provisions Not ‘Tough Enough,’ Levin Says

Volcker Rule Conflict Provisions Not ‘Tough Enough,’ Levin Says – Phil Mattingly (Bloomberg)

“Volcker rule language aimed at limiting conflicts of interest between U.S. banks and their clients is ‘not nearly tough enough,’ Senator Carl Levin said. Levin, a Michigan Democrat who helped draft the Dodd-Frank Act ban on proprietary trading for deposit-taking banks, said today…at an Americans for Financial Reform conference in Washington.”

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AFR in the News: How lobbyists make government regulations more burdensome

How lobbyists make government regulations more burdensome – Suzy Khimm (Washington Post)

“One of the chief complaints you hear about Obama’s Wall Street reform law is that it imposes hugely complex, burdensome regulations on businesses. But why did that happen? It’s partly because industry lobbyists have pushed so hard to carve out exemptions in the law. That’s what happened with the Volcker Rule…The rule originally started out a 10-page provision that has ballooned to nearly 300 pages with scores of exemptions in place, as some supporters of the reform pointed out at an event on Wednesday. …at the gathering, sponsored by Americans for Financial Reform.”

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AFR in the News: MF Global provides first test for Dodd-Frank

MF Global provides first test for Dodd-Frank – Ira Teinowitz (The Deal)

“Marcus Stanley, policy director of Americans for Financial Reform, a coalition of consumer and labor groups, called the bankruptcy a warning to regulators that the Volcker Rule should be implemented strictly. ‘MF Global’s failure — like the recent proprietary losses by Goldman Sachs — underlines the risks of speculative proprietary bets,” he said. ‘A tough Volcker Rule will restrict this kind of speculation to institutions that are ‘small enough to fail’ and prevent the giant investment banks central to the economy from taking these kinds of risks.’”

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AFR in the News: Volcker Rule Costs Banks $1 Billion, U.S. Government Says

Volcker Rule Costs Banks $1 Billion, U.S. Government Says – Silla Brush (Bloomberg)

“‘Only $50 million of these costs are these kinds of costs of government regulation,’ said Marcus Stanley, policy director for Americans for Financial Reform, a coalition of 250 groups including the AFL-CIO labor group and AARP. The cost ‘is very small compared to potentially making trillions of dollars in assets safer,’ he said in a telephone interview.’”

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AFR in the News: Analysis: Volcker pay curbs spark fears of Wall St. exodus

Dave Clarke (Reuters)

“The Volcker rule has created a new battlefield over Wall Street pay that banks fear will send their star traders and hedge fund advisers fleeing. … ‘The question is whether just saying that compensation arrangements cannot encourage proprietary risk taking is enough or whether they have to be more specific,’ said Marcus Stanley, policy director for the group Americans for Financial Reform.”