Volcker Rule Archives - Page 7 of 10 - Americans for Financial Reform

AFR in the News: U.S. Regulators to Defend Volcker Rule Ban on Proprietary Trades

“Consumer groups and supporters of the rule have leaned on regulators to stick to the implementation timeline and pushed back against assertions that the rule will damage capital markets. The arguments from financial firms ‘are all founded on the irrational assumption that, once bank proprietary trading ceases under the Volcker Rule, others will not expand to meet demand,’ Wallace C. Turbeville, a former Goldman Sachs banker, said in testimony prepared for the hearing on behalf of Americans for Financial Reform, an umbrella organization made up of consumer groups, labor unions and civil rights law firms.”

AFR in the News: Regulators defend 300-page ‘Volcker Rule’ on risky trading

“However, a representative of the group Americans for Financial Reform argued the Volcker Rule is a vital safeguard for the financial system, ensuring that American taxpayers no longer effectively guarantee risky trading done by insured depository institutions.”

This Week in Wall Street Reform

Click here to view this week’s highlights and lowlights in Wall Street Reform – January 14, 2012 – January 20, 2012.

AFR Briefing Memo: The Volcker Rule and Market Liquidity

The Volcker Rule and Market Liquidity The Volcker Rule will restrict banks’ ability to speculate in financial markets. Recently, critics of the rule have claimed that it will lead to declines in market liquidity that will have serious economic effects. A new industry-funded study from

Wallace Turbeville’s Testimony on Behalf of AFR at House Financial Services Volcker Rule Hearing

Read Wallace Turbeville’s testimony at the House Financial Services hearing on “Examining the Impact of the Volcker Rule on Markets, Businesses, Investors and Job Creation” here.

AFR in the News: Rules of the Game: Volcker Rule Prompts Lobbying

“‘The forces arrayed on the sides of this battle are incredibly uneven, as they were also during the efforts to pass Dodd-Frank,’ said Lisa Donner, executive director of Americans For Financial Reform. But she added that the Dodd-Frank fight yielded key reforms, even against long odds: ‘The fight’s not done.’”

AFR in the News: The Volcker Rule and Barclays’ UK Bear Hug

The Volcker Rule and Barclays’ UK Bear Hug – Nick Dunbar

“On Nov. 3rd, I attended the inaugural BBC Today Business Lecture, given by Bob Diamond, the chief executive of Barclays. The man who told the UK Treasury Select Committee that it was time to stop apologising for the financial crisis had been given an image makeover. …The more I thought about it, aside from the change in tone, there was not a great deal of difference between the unrepentant Diamond addressing the Treasury Committee and the contrite version lecturing the BBC. …The answer came to me last week…I was invited by the legislative counsel for Sen. Jeff Merkley, one of the architects of the original Volcker Rule bill, and… Americans for Financial Reform.”

AFR in the News: Politico’s Morning Money Push Back: Volcker Edition

M.M. Push Back: Volcker Edition – Ben White (Politico’s Morning Money)

“ Pro-reform groups were not, ahem, too happy about the anonymous comments from a senior banker in M.M. suggesting the Volcker Rule as drafted goes beyond what the statute intended. … John Carey, Communications Director for Americans for Financial Reform emails: ‘Hard to believe that bankers have a better idea of what Congress intended than Senators Merkley and Levin, who drafted the Volcker Rule. Wall Street lobbyists seem to think that the impact of the rule is limited to taking the word ‘proprietary’ off traders’ business cards. …’

AFR in the News – House Democrats ask for tougher Volcker rule

House Democrats ask for tougher Volcker rule – Dave Clarke (Reuters)

“A group of House Democrats are asking regulators to start over with a proposed ban on proprietary trading by banks, arguing the current proposal has too many loopholes. … At a November 9 event on the rule, however, Volcker’s top aide, Tony Dowd, said…‘[f]rom Mr. Volcker’s standpoint I think he is hanging his hat on the strong wording of the general prohibition on prop trading and the accountability for senior management and boards of directors to implement the policy,’ he said at an event hosted by Americans for Financial Reform, which supports the Volcker rule.”

AFR in the News: Volcker conflict-of-interest rule too weak: Levin

Volcker conflict-of-interest rule too weak: Levin – Dave Clarke (Reuters)

“U.S. regulators are not going far enough with the Volcker rule to prevent large banks from betting against their clients’ interests, Senator Carl Levin said on Wednesday. …Levin found fault with language that allows banks to take positions that may conflict with their clients…‘That’s not nearly tough enough for me,’ Levin said at an event examining the Volcker rule that was hosted by Americans for Financial Reform…”