Obama reasserts Volcker rule, Senate bill seen

[Adsos Letter]

Source: Reuters

WASHINGTON (Reuters) – The Obama administration reasserted its commitment to banning proprietary trading by banks with draft legislative language on Wednesday, despite signs that Congress is unlikely to adopt such a rule.

In a scant five pages from the Treasury Department, the administration put a two-year phase-in on its "Volcker rule" to curb "prop trading" -- or buying and selling of investments on financiers' own books unrelated to customer needs.

The rule would apply to banks, with limits slapped on large, non-bank financial firms, as well. In addition, banks would be barred from sponsoring or investing in hedge funds and private equity funds, under the administration's language.

While key details were left up to regulators, the language showed the White House is determined to push ahead with a rule it first proposed in January, as the U.S. Senate inched its way toward acting on new financial reform legislation.


Read more: http://news.yahoo.com/s/nm/20100304/pl_nm/us_financial_regulation

[Bozita]

1. Fix it or repeat it

[shotten99]

2. Better late than never

[LARED]

3. In a similiar move bakers

will be barred from making brownies and sponge cakes.

[Alias Dictus Tyrant]

13. LOL

[newfie11]

4. It will die in congress

like all the other things sent to them.

[quakerboy]

14. Lets be clear: It will die in the Senate

At the hands of 41 Republicans, most likely with the clear consent of at least 10 additional Democrats.

[MannyGoldstein]

5. And Obama Will Speak Forcefully and Repeatedly For Its Enactment

In an alternate reality, that's what he'll do. In this reality, it's doubtless simply a weird ploy so he can claim a measure of non-suck come election time.

[icee]

6. Letter perfect.

[dionysus]

7. bitter to the last drop. enjoy the next 7 years manny.

[MannyGoldstein]

9. How about a $10 bet?

Two months from today, we do a DU poll asking whether Obama's fought hard for this. If the majority respond "yes", I'll write you a $10 check. Otherwise, you write one to DFA.

Deal?

[dionysus]

10. deal. remind me if i forget.

[MannyGoldstein]

12. You're A Brave Person

First person to take me up on a bet. It's in my calendar as a reminder.

[scentopine]

8. After seeing how CEOs engorged themselves with health care "reform"....

...Obama has turned a perfectly good word into a foul four letter word. I wonder what he'll concede up front to get the CEOs to the table? How much of the treasury has he set aside for CEO hush money? When CEOs hear Obama use the reform word, they all start licking their chops.

[AllyCat]

11. Needs to happen, however, I have no faith that it will