Merkley Slams Fed Volcker Delay
Merkley Slams Fed Volcker Delay
WASHINGTON – Oregon’s Senator Jeff Merkley released the following statement after the Federal Reserve announced that it will give banks broad exemptions in complying with the Volcker Rule for 2015, and that it is likely to continue those exemptions through July 2017:
“The Wall Street Casino is alive and well. Last week it was Congress granting the big banks the right to keep trading on banned risky derivatives with government backing. Today it is the Fed granting big banks two more years to make big bets through direct ownership of private equity and hedge funds.
“It all amounts to the same thing – spineless accommodation of the big banks’ desire to run taxpayer-subsidized hedge funds. This is wrong for taxpayers and it is wrong for the stability of our banking system. We expect more of the Federal Reserve.”
Merkley is one of the two co-authors of the Volcker Rule, along with retiring Senator Carl Levin (D-MI).
###
Related Press
- Merkley Introduces Legislation to Ban Airlines’ Sale of Middle Seats As Coronavirus Infections Soar
- Merkley Statement on 10 Year Anniversary of Wall Street Reform
- Merkley Slams Trump Administration Move to Weaken Volcker Rule, Invite Riskier Wall Street Gambling
- Tlaib, Merkley Lead Bicameral Letter Opposing Fed Bailout of Oil and Gas Industry
- Merkley, Colleagues Continue to Lead Charge to Protect Consumers from Internet Shut-Offs During Pandemic
