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  • Statement By President Obama On The Volcker Rule

    Date 10/12/2013

    Five years ago, a financial catastrophe on Wall Street was rapidly fueling a punishing recession on Main Street that ultimately cost millions of jobs and hurt families across the country.  So as we prepared steps to rescue our economy and put Americans back to work, we also put in place tough rules of the road to make sure a crisis like that never happened again – rules that reward sound financial practices, allow honest innovation and strengthen the financial system’s ability to support job creation and durable economic growth. 

  • Statement Of U.S. Treasury Secretary Lew On The Volcker Rule

    Date 10/12/2013

    “With today’s approval of the Volcker Rule, regulators have taken a critical step toward completing implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The Volcker Rule will change behavior and practices in our financial markets to safeguard taxpayers from risks created by banks’ proprietary trading and investments in hedge funds and private equity funds."

  • Dissenting Statement Regarding Adoption Of Rule Implementing The Volcker Rule - SEC Commissioner Daniel M. Gallagher

    Date 10/12/2013

    Twenty-one months ago, I expressed my grave concerns regarding the rulemaking process for the implementation of the Volcker Rule, stating:

    The aggregate impact of the rulemakings we and our fellow regulators are promulgating is massive, the costs are enormous, and we are doing so at a time when our economy is still hopefully limping towards recovery. These factors all argue for an approach that is careful, systematic, but most importantly regulatorily incremental...We must avoid regulatory hubris and should not regulate--particularly where the changes are so novel or comprehensive--with the belief that we completely understand the consequences of the regulations we may impose. In many of these areas, including Volcker, missing the mark could have dire and perhaps irreversibly negative consequences.

  • US Federal Agencies Issue Final Rules Implementing The Volcker Rule

    Date 10/12/2013

    Five federal agencies on Tuesday issued final rules developed jointly to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule").

  • Statement On The Volcker Rule: Reducing Systemic Risk By Banning Excessive Proprietary Trading With Depositors’ Money - SEC Commissioner Luis A. Aguilar

    Date 10/12/2013

    The recent financial crisis and subsequent events show the dangers that can result when banks trade for their own accounts while disregarding their customers’ interests. During the financial crisis, U.S. taxpayers were forced to cover losses sustained by major financial institutions that resulted from speculative proprietary trading activities.  While several factors combined to cause the financial crisis, proprietary trading by major financial institutions was a key contributor to that crisis.  In particular, proprietary trading by deposit-taking institutions exposed a bank’s capital—and FDIC-insured deposits—to unacceptable risks and saddled taxpayers with massive losses.

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