A push to make America’s banks safer creates new uncertainties – Published on The Economist, Dec 14, 2013.
The 37 words inserted into the 848-page Dodd-Frank law overhauling the regulation of America’s financial institutions seemed innocent enough. Lawmakers wanted regulators to come up with strictures that would prevent banks from gambling with deposits insured by the federal government. The resulting rule, named after a prominent proponent, Paul Volcker, a former head of the Federal Reserve, prohibits banks from “proprietary trading”, meaning transactions conducted purely for their own gain, rather than to serve clients. On December 10th five different regulatory agencies approved the Volcker rule; it will come into force, awkwardly enough, on April 1st. Continuer la lecture de « The Volcker rule: More questions than answers »