Bank Lobby's Onslaught Shifts Debate on Volcker Rule

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Bank Lobby’s Onslaught Shifts Debate on Volcker Rule

Bank Lobby’s Onslaught Shifts Debate on Volcker Rule

Ok! Now read the bold text below and the gist of this story… Now exactly who are these 5 regulators back in October and did they have anything to do with the settlement discussion? Maybe the media should have put this puzzle together for us and explained it in a better report.

Bloomberg-

To make their case in Washington, banks and trade associations have been pressing a coordinated campaign to get regulators from five federal agencies to scale back the draft of the proprietary-trading rule issued in October, according to public and internal documents and interviews. They recruited money managers, industrial companies, municipal officials and foreign governments to their side.

“The regulators are under a lot of pressure,” said Marcus Stanley, policy director of Americans for Financial Reform, an advocacy coalition that filed a comment letter urging that the draft rule be strengthened rather than watered down.

[BLOOMBERG]

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