Glass-Steagall Fans Plan Assault If Volcker Rule Deemed Weak
Bloomberg reported that five U.S. agencies will finish the Volcker rule tomorrow after more than three years of Wall Street resistance to its limits on trading and investing.
Bloomberg said that lawmakers and their allies who want to rein in big banks are ready to pounce if it isn’t strict enough.
Bloomberg notes that if politicians and advocates who blame the 2008 financial crisis on deregulation deem the rule too weak it will add fuel to a push to reinstate a Depression-era law known as Glass-Steagall that until 1999 split banks and securities firms.
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