Skip to main content

Newsroom

February 16, 2012

Paul Volcker vs. the Bank of Canada

“The Volcker Rule is intended to curb “proprietary trading” – specifically, high-risk bets placed by our largest banks. The Dodd-Frank financial reform act put it into law, and the relevant regulators have proposed a detailed and credible set of regulations to make it work. In accordance with typical administrative procedure in the United States, comments on these regulations were solicited. The deadline was this past Monday.”

“Congress rightly decided that excessive risk-taking by very large banks had to be curtailed. Responsible regulators around the world are cheering from the sidelines, and that’s why I was shocked to see the recent comment letter from the Bank of Canada that criticized the American law.”

“The legislative intent behind the Volcker Rule is clear – and reaffirmed in detail in the comment letter by Senators Jeff Merkley of Oregon and Carl Levin of Michigan, the co-authors of the relevant part of the Dodd-Frank legislation.”

“The reason that the general approach and this specific regulation makes sense, given past practices and likely future risks, is laid out in meticulous and convincing detail in the comment submitted by Dennis Kelleher and his colleagues from Better Markets.”

Read the full story here.

In the News
Share

MEDIA REQUESTS

For media inquiries, please contact us at
press@bettermarkets.org or 202-618-6433.

Contact Us

For media inquiries, please contact press@bettermarkets.org or 202-618-6433.

To sign up for our email newsletter, please visit this page.

Name(Required)
This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

"* (Required)" indicates required fields

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact press@bettermarkets.org or 202-618-6433.

Donate

Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today