Paul Volcker

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Channel News Asia  May 8  Comment 
U.S. financial regulators on Monday discussed the Volcker rule governing banks' speculative trading, tackling one of Wall Street's biggest concerns and a sign President Donald Trump's administration is listening to banks' wishes about reforms...
Financial Times  May 7  Comment 
Bank gains permission to hold on to $6.2bn of illiquid assets
Euromoney  May 4  Comment 
Goldman Sachs badly underperformed other US banks in first-quarter fixed income results, setting off a frenzy of speculation about trading positions that could have led to the disappointment.
Euromoney  May 4  Comment 
The central bank found a way to enforce the rule just before lawmakers attempt to dismantle it.
MarketWatch  May 1  Comment 
Former Fed Chairman Paul Volcker said in an interview with MarketWatch that rolling back Dodd Frank would be a bad idea.
Euromoney  May 1  Comment 
Probably the single most controversial post-crisis piece of financial regulation, the Volcker rule has been blamed with hampering liquidity and has been criticized as virtually unenforceable. Now, US lawmakers have the rule in their cross hairs.
MarketWatch  Apr 20  Comment 
The Federal Reserve announced two enforcement actions against Deutsche Bank AG that will require the bank to pay a combined $156.6 million in civil money penalties. The bank will pay a $136.9 million fine for unsafe and unsound practices in the...
MarketWatch  Apr 19  Comment 
Former Fed chairman Paul Volcker said that the Trump administration should streamline the convoluted patchwork of federal agencies that regulate Wall Street.




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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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