WASHINGTON – Oregon’s Senator Jeff Merkley released the following statement after news reports that Citigroup is flouting the Volcker Rule firewall by engaging in high-risk, proprietary trading in mortgage bonds:
“Citigroup’s trading activities, as reported by Bloomberg News, appear to constitute a direct violation of law. It’s unacceptable for regulators to turn a blind eye as a big bank tries to get back into the risky – and now prohibited – gambling that brought down our economy just a few years ago. The law explicitly prohibits high-risk trading strategies, regardless of any other exemptions. Congress passed the Volcker Rule firewall to prevent exactly this type of reckless behavior. Now it’s time for regulators to step up and enforce the law.”
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