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Trump Fed Unveils Plan to Gut Volcker Rule

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Trump Fed Unveils Plan to Gut Volcker Rule
« on: Jun 01, 2018, 06:16:27 am »
 

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Paving Way for Next Taxpayer-Funded Wall Street Bailout, Trump Fed Unveils Plan to Gut Volcker Rule
http://www.commondreams.org/news/2018/05/31/paving-way-next-taxpayer-funded-wall-street-bailout-trump-fed-unveils-plan-gut?utm_term=Paving Way for Next Taxpayer-Funded Wall Street Bailout, Trump Fed Unveils Plan to Gut Volcker Rule&utm_campaign=News & Views | 'This Is a Democracy, Not a Dictatorship'&utm_content=email&utm_source=Daily Newsletter&utm_medium=Email&cm_mmc=Act-On Software-_-email-_-News & Views | 'This Is a Democracy, Not a Dictatorship'-_-Paving Way for Next Taxpayer-Funded Wall Street Bailout, Trump Fed Unveils Plan to Gut Volcker Rule





Continuing the reckless onslaught against Wall Street regulations that Congress kicked off last week with the final bipartisan passage of the Bank Lobbyist Act, President Donald Trump's Federal Reserve on Wednesday unveiled a plan to gut the post-crisis Volcker Rule—a move that consumer advocates warn will unleash a torrent of gambling by big banks and dramatically heighten the risk of another financial meltdown.

"Step by step, Wall Street continues its slow march on the path to rolling back all of the important consumer and market protections put in place after the 2008 financial collapse," Karl Frisch, executive director of Allied Progress, said in a statement on Wednesday. "These big banks are making record profits but that just isn't enough for them. They are hellbent on regaining the ability to gamble, knowing it's other people's money on the line." Spam_A Spam_B Sen. Elizabeth Warren (D-Mass.), who led the Senate's opposition to the bank deregulation bill that Trump signed into law last week, also denounced the proposed rule changes as indicative of the "corruption" that rules Trump's Washington.
<blockquote class="twitter-tweet" data-lang="en">
<p dir="ltr" lang="en">Even as banks make record profits, their former banker buddies turned regulators are doing them favors by rolling back a rule that protects taxpayers from another bailout. This kind of corruption is common in @realDonaldTrump’s Washington. https://t.co/jECa7oWhJT</p>
— Elizabeth Warren (@SenWarren) May 30, 2018[/size][/quote]

If the plan released by the Fed on Wednesday is adopted, Wall Street banks—which have lobbied relentlessly against the Volcker Rule for years—would have more freedom to engage in the kinds of speculation that sparked the 2008 financial crisis while effectively being permitted to police themselves.'



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