“Wild bets by taxpayer-insured banks helped put the US economy in the toilet four years ago. With financial regulators scrambling post-election to finalize long overdue rules for Wall Street, banks have intensified their war on regulation. In particular, the financial industry is lobbying like mad to add key loopholes to the Volcker rule, a provision of the sweeping 2010 Dodd-Frank financial reform act that is supposed to restrict high-risk speculation by commercial banks.
During the campaign, Mitt Romney vowed to repeal Dodd-Frank, and regulatory agencies were waiting to finish crafting the details of the Volcker rule. Whether that rule will emerge as Congress intended, or as a watered-down half-measure, is what’s at stake in the current battle between reformers and industry.”
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