Volcker Rule
The Volcker Rule: Will it Work?May 15, 2012
The Volcker Rule would forbid banks from making bets on their own money, and former Fed chief Paul Volcker has fired back at critics of the proposed that bears his name. Dan Ryan of PricewaterhouseCoopers' Financial Services Advisory Practice stops by Mean Street to discuss.
Word of the Day: Volcker RuleMay 13, 2012
This refers to a specific section of the Dodd-Frank Wall Street Reform and Consumer Protection Act originally proposed by American economist and former United States Federal Reserve Chairman Paul Volcker to restrict United States banks from making certain kinds of speculative investments that do not benefit their customers. Volcker argues that such speculative activity plays an active role in promoting the type of leverage and risk taking that contributed directly to the 2008 financial crisis. The rule is often compared to Glass-Steagall, in that it attempts to create a firewall between investment banking and retail banking. However, it also bans proprietary trading by commercial banks whereby customer deposits are used to trade on the bank's personal accounts. The rule's provisions are scheduled to be implemented as a part of Dodd-Frank on July 21, 2012.
Banks Fight Volcker RuleMay 13, 2012
Wall Street banks are fighting the 'Volcker Rule'. The Young Turks host Cenk Uygur breaks down their absurd excuses. www.businessweek.com www.huffingtonpost.com Subscribe to The Young Turks: bit.ly Find out how to watch The Young Turks on Current by clicking here: www.current.com The Largest Online New Show in the World. Google+: www.gplus.to Facebook: www.facebook.com Twitter: twitter.com
The Volcker Rule for Financial InstitutionsApr 17, 2012
President Obama calls for new restrictions on the size and scope of financial institutions to rein in excessive risk-taking and protect taxpayers. The proposed legislation is called the Volcker Rule in recognition of the efforts of former Federal Reserve Chairman and current Presidents Economic Recovery Advisory Board Chairman Paul Volcker. January 21, 2010.
Insights: The Volcker Rule: Banking and investment management M&A catalyst?May 07, 2012
While there is a lot of focus on what the Volcker Rule prohibits banking entities from doing, it does permit a number of activities such as market making, underwriting, engaging in risk-reducing hedging and transacting in government trading. It is also a challenge to the status quo, which may highlight merger and acquisition (M&A) opportunities in the financial services industry. In the latest episode of Deloitte Insights, Deloitte & Touche LLP's Kim Olson, principal, Jason Langan, partner, and Sean O'Grady, moderator, discuss the restrictions as well as opportunities associated with the Volcker Rule. Tune in to learn more.
Volcker Rule Could Force Foreign Banks To Shutter US BranchesMay 04, 2012
Feb. 9 (Bloomberg Law) -- Scott Cammarn, special counsel at Cadwalader Wickersham & Taft LLP, talks with Bloomberg Law's Lee Pacchia about how the Volcker Rule would affect the global banking system. Scott explains that foreign banks doing business in the United States would be subject to the Volcker Rule and could force them to move their operations offshore. The Volcker Rule is a section in the Dodd-Frank Act prohibiting banks from engaging in speculative investments.
'Volcker Rule' Has Two-Year Grace Period, Fed SaysMay 18, 2012
The Federal Reserve said Thursday that banks will have a full two years to bring their activities in line with the so-called Volcker rule before regulators start enforcing it. Colin Barr has details on The News Hub.
Volcker rule difficult to administer - Freeland FileMay 18, 2012
Roger Altman tells Reuters Digital Editor Chrystia Freeland that the Volcker Rule requires firms and regulators to make "impossible" judgments. Part 4. (April 23, 2012)
The Volcker Rule: Curbing Risk or Curbing the Economy? 2-16-12Mar 04, 2012
When President Obama, with former Federal Reserve Board Chairman Paul Volcker at his side, announced his intention to seek legislation implementing the "Volcker Rule" he described it as necessary to reduce excessive risk taking by banks. Easier to describe than implement, the Volcker Rule, as incorporated in the Dodd-Frank Act, was envisioned to prohibit the use of insured deposits by commercial banks in their own trading in the markets (so-called "proprietary trading") or to support various types of investment funds. In practice, the proposed regulation is an incomplete first attempt to give life to the new rule, seeking public input on some 1400 questions from the public in addition to input on the details of the proposed regulation. Advocates and critics of the rule will discuss the value of the rule itself as well as regulatory efforts to address the details of implementation. Proponents claim that it is necessary for future stability of the banking industry, while critics assert that it will not only harm the industry but industry customers as well. Featuring: --Mr. Randall D. Guynn, Davis Polk & Wardwell LLP --Ms. Sarah "Sally" Miller, CEO, Institute of International Bankers --Ms. Coryann Stefansson, PricewaterhouseCoopers LLP --Mr. Mark E. Van Der Weide, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System --Moderator: Ms. Hester Pierce, Mercatus Center, George Mason University National Press Club Washington, DC
Occupy the SEC: Former Wall Street Workers Defend Volcker Rule Against Banks' Anti-Regulatory PushMay 06, 2012
democracynow.org - The latest off-shoot of the Occupy Wall Street movement — Occupy the SEC — has submitted a 325-page comment to the Securities and Exchange Commission that calls on regulators to resist the financial industry's lobbying efforts to water down the Volcker Rule, a section in the Dodd--Frank Wall Street Reform and Consumer Protection Act, that aims to prevent large banks from making certain kinds of risky, speculative investments. The group is made up of former Wall Street professionals who once worked at many of the largest financial firms in the industry. We're joined by Alexis Goldstein, who worked as a computer programmer for seven years at Morgan Stanley, Merrill Lynch and Deutsche Bank. She left Wall Street in 2010 and joined the Occupy Wall Street soon after the encampment began. "Banks should not behave like a hedge fund," Goldstein says. "Hedge funds are there to make money and take risky bets and their clients tend to be these really wealthy clients. And the Volcker Rule says: well wait a minute, these big banks that enjoy this government support shouldn't be in that business." Towatch the complete daily, independent news hour, read the transcript, download the podcast, and for additional Democracy Now! reports about Occupy Wall Street, visit www.democracynow.org FOLLOW DEMOCRACY NOW! ONLINE Facebook: www.facebook.com Twitter: @democracynow Subscribe on YouTube: www.youtube.com Listen on SoundCloud: www.soundcloud.com Daily Email News Digest: www ...
Occupy the SEC exposes how Wall Street is using "regulatory arbitrage" to break the Volcker RuleMay 09, 2012
Follow us @ twitter.com twitter.com Well-known analyst Merideth Whitney says the middle class is being "De-Banked" in her view, due to new regulations that go "too far in the other direction" in regulating wall street. But is this really true, or do the new regulations just punish the little guys or the yet-to-be (and maybe never become-at-all financial start-ups) financial services firms at the expense of the big boys on wall street? And speaking of the big boys of wall street, how exactly have they been doing on the latest piece of regulation meant to end proprietary trading by these firms from destabilizing the global financial markets and the global economy? We speak, of course, about the Volker Rule, which is Washington's attempt to "roll back" some of risky practices embraced by wall-street after the end of Glass-Steagal in the late 90's. Now, this is just one piece of regulation, but it is a start in a long battle to protect the vast majority of economic participants from having the reckless behavior and risky positions of these too-big-to-fail banks from destroying their financial futures. We speak to two members of "Occupy the SEC" - Alexis Goldstein and Caitlin Kline -- who have been working hard to protect you and me from the watering-down efforts that go on behind closed doors once bills have been passed and move back to the agencies to get "fleshed out." We will ask them about the market-making loopholes (remember, Lloyd Blankfein used this excuse when ...
Occupy Movement Takes on SEC, Volcker Rule - Felix TVMay 09, 2012
Reuters' Felix Salmon talks financial regulatory reform with Occupy's banking whiz kids, authors of a 325-page comment letter on the Volcker Rule.
Silver Update 2/22/12 Volcker RuleApr 13, 2012
Occupy the SEC exposes how Wall Street is using "regulatory arbitrage" to break the Volcker Rule www.brotherjohnf.com Volcker Rule en.wikipedia.org CSPAN Rep Paul Kanjorski Reviews the Bailout Situation www.youtube.com
OccupytheSEC: Enforce the Volcker Rule! Separate investment banks from retail banks.May 11, 2012
New York, February 13th 2012--At a pre-march rally in Liberty Plaza, Aaron Bornstein and Alexis Goldstein of Occupy SEC explain why it's necessary to enforce the Volcker Rule to separate investment banks from retail banks. This morning Occupy SEC delivered a 325-page document with suggestions for closing the loopholes which enable banks to evade the provisions of the Volcker Rule. The march made a loop around the Federal Reserve Bldg which takes up a whole block on Maiden Lane, stopping for a mic check and speak out before heading west to the SEC building. For an update on the SEC's response to Occupy's comments, see www.occupythesec.org, For a review of the 325-page Volcker comment letter, see http Background note courtesy the BBC: Glass-Steagall A US law dating from the 1930s Great Depression that separated ordinary commercial banking from investment banking. Like the UK's planned ring-fence, the law was intended to protect banks which lend to consumers and businesses - deemed vital to the US economy - from the risky speculation of investment banks. The law was repealed in 1999, largely to enable the creation of the banking giant Citigroup - a move that many commentators say was a contributing factor to the 2008 financial crisis.
Crapo at Banking Comittee--Volcker RuleApr 01, 2012
Senator Crapo describes an amendment he introduced, along with Senators Warner, Toomey, Carper, Hagan and Corker, to provide for the implementation of the Volcker rule after the agencies have issued their final rules, rather than tow years after the date Dodd-Frank was signed into law.
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