{"id":3975,"date":"2019-08-20T12:07:00","date_gmt":"2019-08-20T16:07:00","guid":{"rendered":"https:\/\/www.merkley.senate.gov\/merkley-denounces-trump-rollback-of-wall-street-reform\/"},"modified":"2023-07-24T11:07:29","modified_gmt":"2023-07-24T15:07:29","slug":"merkley-denounces-trump-rollback-of-wall-street-reform","status":"publish","type":"post","link":"https:\/\/www.merkley.senate.gov\/es\/merkley-denounces-trump-rollback-of-wall-street-reform\/","title":{"rendered":"Merkley denounces Trump rollback of Wall Street reform"},"content":{"rendered":"<p><span>Sen.&nbsp;Jeff Merkley, D-Ore., who co-authored the Volcker Rule with former Sen.&nbsp;Carl Levin, D-Mich.,&nbsp;released the following statement Tuesday after the Federal Deposit Insurance Corporation voted to pass a new rulemaking he&nbsp;said is designed to gut the Volcker Rule, with other Trump administration financial regulators expected to follow suit soon.<\/span><\/p>\n<p><span>Merkley said the Volcker Rule, a landmark provision of the 2010 financial reform law, shut down the&nbsp;<span class=\"wsc-grammar-problem\" data-grammar-phrase=\"\" data-grammar-rule=\"EN_QUOTES\" data-wsc-lang=\"en_US\">&#8220;<\/span>Wall Street casino<span class=\"wsc-grammar-problem\" data-grammar-phrase=\"\" data-grammar-rule=\"EN_QUOTES\" data-wsc-lang=\"en_US\">&#8220;<\/span>&nbsp;in which banks made huge bets on future stock values, foreign exchange rates&nbsp;and interest rates. He said it is widely seen as one of the key provisions of that law to prevent a repeat of a 2008-style financial meltdown.<\/span><\/p>\n<p><span>The senator said the change approved by the FDIC appears to create a massive loophole in which such bets could be hidden from regulators as so-called&nbsp;<span class=\"wsc-grammar-problem\" data-grammar-phrase=\"\" data-grammar-rule=\"EN_QUOTES\" data-wsc-lang=\"en_US\">&#8220;<\/span>market making<span class=\"wsc-grammar-problem\" data-grammar-phrase=\"\" data-grammar-rule=\"EN_QUOTES\" data-wsc-lang=\"en_US\">&#8220;<\/span>&nbsp;trades for customers:<\/span><\/p>\n<p><span><span class=\"wsc-grammar-problem\" data-grammar-phrase=\"\" data-grammar-rule=\"EN_UNPAIRED_BRACKETS\" data-wsc-lang=\"en_US\">\u201c<\/span>Every American should be worried that our regulators have been captured by the industry and are failing to protect the soundness of our banks and our economy.<\/span><\/p>\n<p><span><span class=\"wsc-grammar-problem\" data-grammar-phrase=\"\" data-grammar-rule=\"EN_UNPAIRED_BRACKETS\" data-wsc-lang=\"en_US\">\u201c<\/span>Let&rsquo;s call it like it is: This is a massive giveaway to the biggest banks. This is a brazen attempt by big banks and their Trump-appointed allies to reopen the Wall Street casino, no matter the cost to working Americans who will lose their homes, jobs, and savings when the casino goes belly-up,<span class=\"wsc-grammar-problem\" data-grammar-phrase=\"\" data-grammar-rule=\"EN_UNPAIRED_BRACKETS\" data-wsc-lang=\"en_US\">\u201d<\/span>&nbsp;dijo Merkley.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Sen.&nbsp;Jeff Merkley, D-Ore., who co-authored the Volcker Rule with former Sen.&nbsp;Carl Levin, D-Mich.,&nbsp;released the following statement Tuesday after the Federal Deposit Insurance Corporation voted to pass a new rulemaking he&nbsp;said is designed to gut the Volcker Rule, with other Trump administration financial regulators expected to follow suit soon. Merkley said the Volcker Rule, a landmark [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-3975","post","type-post","status-publish","format-standard","hentry","category-in-the-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Merkley denounces Trump rollback of Wall Street reform - Merkley<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.merkley.senate.gov\/es\/merkley-denounces-trump-rollback-of-wall-street-reform\/\" \/>\n<meta property=\"og:locale\" content=\"es_MX\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Merkley denounces Trump rollback of Wall Street reform - Merkley\" \/>\n<meta property=\"og:description\" content=\"Sen.&nbsp;Jeff Merkley, D-Ore., who co-authored the Volcker Rule with former Sen.&nbsp;Carl Levin, D-Mich.,&nbsp;released the following statement Tuesday after the Federal Deposit Insurance Corporation voted to pass a new rulemaking he&nbsp;said is designed to gut the Volcker Rule, with other Trump administration financial regulators expected to follow suit soon. 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