You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Reply #17: U.S. banks ask for more time on Volcker rule [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » Latest Breaking News Donate to DU
Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-02-11 06:51 AM
Response to Original message
17. U.S. banks ask for more time on Volcker rule
http://www.reuters.com/article/2011/12/01/financial-reg...

Large U.S. banks are asking regulators for more time to comment on a proposed rule to implement a ban on proprietary trading that Wall Street bitterly opposes. In a Nov. 30 letter to regulators, lobbying groups representing the banks said the so-called Volcker rule was so complex that the comment period should be extended beyond the Jan. 13 deadline. The proposed rule was released in October. "Our members are deeply concerned about the potential impact of the proposal on capital formation, markets and liquidity for a range of asset classes and on the safety and soundness of banking entities and the businesses in which they engage," said the letter, which was signed by the American Bankers Association, the Financial Services Roundtable, the Securities Industry and Financial Markets Association, the Financial Services Forum and the Institute of International Bankers.

The groups, which represent banks such as JPMorgan Chase , Bank of America and Goldman Sachs , sent the letter to the Federal Reserve, the Federal Deposit Insurance Corp, the Office of the Comptroller of the Currency and the Securities and Exchange Commission. The groups said the Commodity Futures Trading Commission had yet to release a proposal on the part of the ban it would be responsible for enforcing. They asked the regulators to extend the comment period for 90 days beyond Jan. 13 or for 60 days after the CFTC releases its proposal, whichever comes later.

The Volcker rule would prevent banks that receive government backstops like deposit insurance from making risky trades with their own funds in securities, derivatives and other financial products. It was named for former Fed Chairman Paul Volcker, who championed the measure. The rule was included in the 2010 Dodd-Frank financial oversight law, enacted in response to the 2007-2009 financial crisis. The rule would also prohibit banks from investing in or sponsoring, beyond a small amount, hedge funds or private equity funds.

The Obama administration has pushed back against attempts to slow down implementation of any part of Dodd-Frank. "If these efforts to weaken reform are successful, then consumers will be more vulnerable to future abuse, businesses will be more vulnerable to future contractions in credit availability caused by financial mistakes, and the economy will be more vulnerable to devastating crises," Treasury Secretary Timothy Geithner said in a speech on Thursday addressing financial reform in general. He did not specifically mention the Volcker rule.
Printer Friendly | Permalink | Reply | Top
 
  -STOCK MARKET WATCH, Friday, December 2, 2011 Pale Blue Dot  Dec-02-11 05:57 AM   #0 
  - Today's Reports  Pale Blue Dot   Dec-02-11 05:59 AM   #1 
  - U.S. manufacturing lightly accelerates: ISM  Demeter   Dec-02-11 06:45 AM   #14 
  - U.S. unemployment rate falls to 8.6%  DemReadingDU   Dec-02-11 07:41 AM   #35 
     - If you believe the government statistics....  AnneD   Dec-02-11 08:18 AM   #56 
        - Karl Denninger: The Employment Report Is An Intentional FABRICATION  DemReadingDU   Dec-02-11 08:57 AM   #62 
           - ZeroHedge: Key Charts From The NFP Report  DemReadingDU   Dec-02-11 09:10 AM   # 
  - Oil hovers at $100 ahead of key US jobs report  Pale Blue Dot   Dec-02-11 05:59 AM   #2 
  - Natural-gas futures rally after supply report  Demeter   Dec-02-11 06:42 AM   #13 
  - U.S. Stock-Index Futures Advance as Investors Await Monthly Payrolls Data  Pale Blue Dot   Dec-02-11 06:00 AM   #3 
  - Good Morning PBD!  Demeter   Dec-02-11 06:09 AM   #4 
  - Great question! As a reminder to all, I will stop posting the SMW at the end of the year.  Pale Blue Dot   Dec-02-11 06:27 AM   #9 
  - Euro Zone Falls Short on Fund  Demeter   Dec-02-11 06:10 AM   #5 
  - More European financial chicanery  Demeter   Dec-02-11 06:13 AM   #6 
  - France and Germany want the stability and growth pact hurdle to move to zero percent by 2016  Demeter   Dec-02-11 06:17 AM   #7 
  - Sarkozy and Merkel seek joint solution to debt crisis  Demeter   Dec-02-11 06:48 AM   #15 
     - Merkel calls for rapid EU treaty change  Demeter   Dec-02-11 07:49 AM   #39 
  - Official Action and Why Italy is Still at the Vortex  Demeter   Dec-02-11 06:35 AM   #10 
  - EU bank watchdogs demur on tighter stress test  Demeter   Dec-02-11 06:41 AM   #12 
  - The dash for cash Europes troubled banks are running out of money  Demeter   Dec-02-11 06:57 AM   #19 
     - We dont believe they are at the stage of buying goldbut perhaps its not far off,  Po_d Mainiac   Dec-02-11 07:29 AM   #31 
        - When the fat lady sings...  AnneD   Dec-02-11 08:23 AM   #59 
  - Central Bank Chief Hints at Stepping Up Euro Support  Demeter   Dec-02-11 07:03 AM   #21 
  - The IMF-ECB Plan Fig-Leaf upon Fig-Leaf  Demeter   Dec-02-11 07:09 AM   #22 
  - Abandoning a sinking ship? A plan for leaving the euro  Demeter   Dec-02-11 07:13 AM   #25 
  - Mosler/Pilkington: Response to Yanis Varoufakis Regarding Our Eurozone Exit Plan  Demeter   Dec-02-11 07:20 AM   #27 
     - GERALD CELENTE: Prepare for an Economic 9/11 and Economic Martial Law  Demeter   Dec-02-11 07:23 AM   #29 
        - Link?  DemReadingDU   Dec-02-11 07:36 AM   #34 
        - ooPS  Demeter   Dec-02-11 07:42 AM   #36 
        - Nature of the Free Markets sir.  Hotler   Dec-02-11 11:09 AM   #67 
           - Maybe  Demeter   Dec-02-11 11:18 AM   #70 
              - I'm with you.  Hotler   Dec-02-11 11:33 AM   #76 
                 - I'm with both of you  DemReadingDU   Dec-02-11 05:52 PM   #82 
  - You are all wrong, printing money can halt Europe's crisis By Ambrose Evans-Pritchard  Demeter   Dec-02-11 08:05 AM   #48 
  - I set the comments on 'best rating'. His readers definitely don't buy that.  Prometheus Bound   Dec-02-11 04:22 PM   #81 
  - Killing the Euro By PAUL KRUGMAN  Demeter   Dec-02-11 08:07 AM   #49 
  - Sweden and the euro: Out and happy  Demeter   Dec-02-11 08:14 AM   #53 
  - Pepper Spray Developer: It Has Become Fashionable to Use Chemicals on People with Opinions  Demeter   Dec-02-11 06:21 AM   #8 
  - Einstein, Alfred  Po_d Mainiac   Dec-02-11 07:22 AM   #28 
     - Purpose?  Demeter   Dec-02-11 11:16 AM   #69 
     - I thought his last name was Neuman  Fuddnik   Dec-02-11 12:39 PM   #79 
  - MF Global Accounting Technique Under Review, Schapiro Says  Demeter   Dec-02-11 06:40 AM   #11 
  - MF Global accessed client funds for weeks  Demeter   Dec-02-11 07:54 AM   #42 
  - it's morning, right?  xchrom   Dec-02-11 06:50 AM   #16 
  - Well, the sky is lightening  Demeter   Dec-02-11 06:52 AM   #18 
     - sorry about that..... i've been having 3.ooam wake up pretty regular lately.  xchrom   Dec-02-11 07:02 AM   #20 
  - U.S. banks ask for more time on Volcker rule  Demeter   Dec-02-11 06:51 AM   #17 
  - europe: Germany's Merkel fights for euro  xchrom   Dec-02-11 07:09 AM   #23 
  - Euro zone PPI up less than expected in October  xchrom   Dec-02-11 07:11 AM   #24 
  - Merkel urges euro fiscal union to tackle debt crisis  xchrom   Dec-02-11 07:45 AM   #37 
  - Stock markets rise as Merkel calls for closer union  xchrom   Dec-02-11 07:51 AM   #41 
  - Eurozone crisis: Merkel pledges push for fiscal union - live  xchrom   Dec-02-11 07:59 AM   #44 
  - Unions lose CPI pensions battle in high court  xchrom   Dec-02-11 08:03 AM   #46 
  - Croatia Dreaming of no-strings membership  xchrom   Dec-02-11 08:08 AM   #50 
  - How business is preparing for Eurogeddon  xchrom   Dec-02-11 08:10 AM   #52 
  - asia: Nikkei logs biggest weekly gain in 2 yrs but mood far from upbeat  xchrom   Dec-02-11 07:13 AM   #26 
  - China's Ordos property bust offers warning sign  xchrom   Dec-02-11 08:01 AM   #45 
  - Minister: China wants to invest in US roads, rails  xchrom   Dec-02-11 08:30 AM   #61 
  - PRECIOUS-Gold up, EU plan to fight debt crisis expected  xchrom   Dec-02-11 07:27 AM   #30 
  - south asia: Pranab Mukherjee: India retail reform 'must for growth  xchrom   Dec-02-11 07:31 AM   #32 
  - 'Big-box' protests test India's FDI strategy  xchrom   Dec-02-11 09:20 AM   #65 
     - If our jobs are good enough for you....  Hotler   Dec-02-11 11:19 AM   #71 
        - that is some good Snark  xchrom   Dec-02-11 11:24 AM   #74 
        - HOTLER! Play nice. eom.  Hotler   Dec-02-11 11:36 AM   #77 
  - Are Remotely-Processed Mortgage Assignments Another Smoking Gun?  Demeter   Dec-02-11 07:33 AM   #33 
  - Inside the Coakley Foreclosure Fraud Lawsuit  Demeter   Dec-02-11 08:20 AM   #57 
     - Massachusetts Announces First Comprehensive Lawsuit Against Major Banks  Demeter   Dec-02-11 08:23 AM   #58 
  - DOW FUTURES UP 145  Demeter   Dec-02-11 07:47 AM   #38 
  - another day of gambling at the casino  DemReadingDU   Dec-02-11 07:50 AM   #40 
  - GM makes buy-back offer to Volt owners  Demeter   Dec-02-11 07:55 AM   #43 
  - Nielsen report: TV ownership declines  Demeter   Dec-02-11 08:04 AM   #47 
  - Our household has several......  AnneD   Dec-02-11 09:11 AM   #64 
     - Ditto  Demeter   Dec-02-11 11:20 AM   #73 
  - British banks could ask taxpayers for more cash  Demeter   Dec-02-11 08:09 AM   #51 
  - Africa rising  xchrom   Dec-02-11 08:14 AM   #54 
  - L.A. Mayor Puts Occupy L.A. Cost Over $1 Million; City Spent More on Michael Jackson Memorial  Demeter   Dec-02-11 08:17 AM   #55 
  - Fracking, Mortgages and Insurance  Demeter   Dec-02-11 08:26 AM   #60 
  - Parents house got its first offer in 13 months for 1/2 assessed value of 2009.  kickysnana   Dec-02-11 09:10 AM   #63 
  - I suspect that may be...  AnneD   Dec-02-11 11:02 AM   #66 
  - The value dropped in half between '09 and '11?  Juneboarder   Dec-02-11 11:11 AM   #68 
  - Much really relies on location....  AnneD   Dec-02-11 11:59 AM   #78 
  - Suburb of St Paul MN  kickysnana   Dec-02-11 02:47 PM   #80 
  - I'd worry about the price paid to purchase, or finance, for comparison  Demeter   Dec-02-11 11:27 AM   #75 
  - Unleashing the Future: Advancing Prosperity Through Debt Forgiveness  Huey P. Long   Dec-02-11 11:19 AM   #72 
 

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC