Paul Volcker

RECENT NEWS
Reuters  Sep 4  Comment 
U.S. regulators said on Tuesday they will giving the public an extra 30 days to comment on a proposed rewrite of the "Volcker Rule" banning proprietary trading by banks.
Bankstocks.com  Aug 16  Comment 
Wall Street Journal: Banks Say No Thanks to Volcker Rule Changes New York Post: SEC reportedly subpoenas Tesla over Musk’s tweets Bloomberg: A New Home for…
Benzinga  Aug 6  Comment 
Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? On this day 39 years ago, Paul Volcker took over as chairman of the Federal Reserve. Where The Market Was The Dow Jones...
Financial Times  Jun 25  Comment 
The ban on proprietary trading by big banks helps keep the markets safe
The Economic Times  Jun 16  Comment 
Proposal to simplify rule banning banks from proprietary trading could trap billions of dollars' worth of assets.
Channel News Asia  Jun 15  Comment 
A proposal to simplify a rule banning banks from proprietary trading, rather than making life easier for Wall Street, could ensnare billions of dollars' worth of assets not currently caught by the regulation.
MarketWatch  Jun 5  Comment 
The Securities and Exchange Commission approved a joint regulator proposal to amend the Volcker Rule on Tuesday but the two Democrats on the commission did not play along with the Republican majority.
Euromoney  Jun 5  Comment 
The coming move towards a Volcker Rule 2.0 that relaxes monitoring of proprietary risk taking by bank dealing desks has been portrayed as a result of president Donald Trump’s administration finally placing its preferred officials in key...
Euromoney  Jun 5  Comment 
Goldman Sachs delivered strong first-quarter trading results that were followed by a reorganization of the management of its securities division.




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Image:PaulVolcker.jpg Paul Adolph Volcker was Federal Reserve Chairman under United States Presidents Jimmy Carter and Ronald Reagan (from August 1979 to August 1987). He is currently chairman of the newly formed Economic Recovery Advisory Board under President Barack Obama[1].

Volcker is credited to have lifted the US economy out of a decade stagflation that sported such negative highlights as 21% interest rates, solid two-digit-inflation and unemployment rates topping 10% after he took over the job from his predecessor G. William Miller.

Latest developments in 2010

After a 22-year semi-retirement Volcker was appointed as head of Economic Recovery Advisory Board under President Barack Obama in early 2009. Volcker, always a staunch advocate of balanced budgets, who told the world as early as 2006 that the USA's deficit spending is unsustainable, landed a surprise victory when US President Barack Obama largely followed his proposals in January 2010 that will (as of January 2009) ban proprietary trading for banks receivinf federal money and essential re-introduce the Glass-Steagall Act that separated investment banks and such taking deposits from 1933 to 1999. It is coming as a surprise that Volcker outgunned Wall Street-pal Treasury Secretary Timothy Geithner who had opted for more lax deals for his Wall Street friends. Whether this means Obama moves from Wall Street to Main Street is up to your mind.

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