Federal agencies voted Tuesday to approve the so-called “Volcker Rule,” a key provision of the Dodd-Frank financial reform law. The “Volcker Rule” bars banks from trading for their own gain and limits the amount they can invest in hedge funds, which theoretically will curb risk-taking.
This is on top of an additional $920 million it paid last month to four other regulators over the “London Whale” trade.
Bart Chilton, the commissioner of the Commodities Futures Trading Commission, wants stronger financial regulations. He also loves movies. On Thursday, he combined those two things into the best financial reform speech ever.
Standard and Poor’s took down JPMorgan Chase’s ratings outlook from stable to negative. And the government’s implicit support for banks might be on the way out.
“A lot of what we do is wholly irrelevant to our major military threat right now,” Frank says.