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Released: October 26, 2012
Senators call for an end to investment rule delay
Source: Danielle Douglas & Dina ElBoghdady, Washington Post (Free Registration)
Democratic lawmakers on Thursday criticized regulators for taking too long to finalize the Volcker Rule, a controversial provision passed in 2010 aimed at restricting banks from making risky investments with their own money.
People familiar with the matter say a rift has developed between bank regulators and the nation’s top markets regulator over how the rule should be shaped.
On Thursday, Democratic Sens. Carl Levin (Mich.) and Jeff Merkley (Ore.) said the uncertainty surrounding the Volcker Rule jeopardizes the health of the economy. Banks should be serving American borrowers, not making risky bets, they wrote. The two lawmakers drafted the legislative language of the rule as part of the Wall Street reform bill known as Dodd-Frank.
Read Full Article: Senators call for an end to investment rule delay
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