Tags: Wider | Volcker | Rule | Senate

Wider 'Volcker Rule' Bill Unveiled in Senate

Wednesday, 10 Mar 2010 03:21 PM

Legislation that would write into law and widen the proposed "Volcker rule" to limit proprietary trading was unveiled in the U.S. Senate on Wednesday with the support of five Democratic senators.

The bill, drawn up by senators Jeff Merkley and Carl Levin, would apply not only to banks, but also to "large, interconnected nonbank financial institutions," said a summary of the measure from Merkley's office.

He and Levin were joined in backing the bill by Democratic senators Ted Kaufman, Sherrod Brown and Jeanne Shaheen.

The "Volcker rule" idea was first put forward in January by President Barack Obama and White House economic adviser Paul Volcker. As proposed, it would ban banks which enjoy federal insurance protection from buying and selling investments for their accounts unrelated to customers' needs.

© 2017 Thomson/Reuters. All rights reserved.

 
1Like our page
2Share
FinanceNews
Legislation that would write into law and widen the proposed Volcker rule to limit proprietary trading was unveiled in the U.S. Senate on Wednesday with the support of five Democratic senators. The bill, drawn up by senators Jeff Merkley and Carl Levin, would apply not...
Wider,Volcker,Rule,Senate
128
2010-21-10
Wednesday, 10 Mar 2010 03:21 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved