WASHINGTON, D.C. – Oregon’s U.S. Senator Jeff Merkley, a co-author of the Volcker Rule, released the following statement after Trump administration regulators finalized their regulation weakening the Volcker Rule. The Volcker Rule, one of the landmark provisions of the 2010 Wall Street reform law, creates a firewall between ordinary banking, like taking deposits and making loans, and high-risk hedge fund style gambling.
“Deregulation of the banks is exactly the wrong way to boost our economy in this moment. The last thing we need is to follow a public health crisis that has cratered our economy with another Wall Street-driven financial meltdown. It was only a decade ago when millions of Americans paid the price for Wall Street gambling in lost jobs, homes, and life savings. Reopening the Wall Street casino is the wrong path forward, one that puts all Americans’ financial stability at greater risk.”