Banks lobby to delay Volcker rule

Bank officials, trade groups and lawmakers are quietly pressing the Federal Reserve for a delay of up to seven years regarding the rule that limits their investments in private-equity and venture-capital funds

The "Volcker rule," part of the Dodd-Frank legislation, restricts banks' ownership stake in hedge funds and private equity funds, and prohibits banks from making speculative bets with their own money.

Regulators finalized the rule in December but agreed not to enforce it until 2015.

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Comments (11)
  • funfundvierzig
    , contributor
    Comments (5043) | Send Message
    The repeal of Glass Steagal and destruction of its protections engineered by the greed-driven captains of Wall Street banks and brokers and their sleazy lobbyists helped trigger the global financial collapse seven years ago. Now they demand things remain the same with big banks engaging in all manner of speculation with abandon?


    13 Aug 2014, 06:04 AM Reply Like
  • caupachow
    , contributor
    Comments (527) | Send Message
    If it's their money they can speculate all they want with it BUT when they screw up don't give them our money!


    and really?! Frank Dodd and Barney Frank, two of the most inept corrupt pos every to go to Washington.
    13 Aug 2014, 06:48 AM Reply Like
  • virginia long view
    , contributor
    Comments (174) | Send Message
    As predictable as snow in Alaska! Making them 'too big to fail' makes them too big to regulate, they have even more money to buy Congress than they had before the crisis. Bet on another financial crisis in less than a decade, only next time will be worse. And it will be the end of America as the center of world finance. But it should be an interesting ride for a few years, bank profits will soar...
    13 Aug 2014, 07:53 AM Reply Like
  • gwynfryn
    , contributor
    Comments (6546) | Send Message
    Yes, a seven year delay should get them safely through the next burn out, but will Congress then do it right? I suspect this is one of those things that never change...
    13 Aug 2014, 11:39 AM Reply Like
  • ghoxster
    , contributor
    Comments (18) | Send Message
    Go after them with a vengeance if they do not follow Volcker Rule. Preferably bring back Glass-Steagell so if they want to make more money, let them use the stockholders money, not the deposit holders money. Let them fail if they screw it and never be too big to fail. I am speaking as a depositor and shareholder. Long C.
    13 Aug 2014, 08:01 AM Reply Like
  • obiwan48
    , contributor
    Comments (121) | Send Message
    History is replete of big banking, incrementally over time, gaining more and more power, influence, and quest for control over major aspects of (numerous countries) society.
    Simply, it is greed, which is a form of addictive behavior.
    Greed becomes insatiable.
    And it always ends badly....
    I'm not a fan of big Government- but, the power that has been wielded by these institutions need to have strict boundaries.
    They need to be involved in banking; not running a casino with either their own money or other people's funds.
    As we all know, ANY, local business ( playing at any theater in your community) perpetrated even 3% of the various types of financial crimes that were committed by many major financial firms in the past decade, would have been ruined, and the owners thrown in jail for years if not decades.
    The sense of entitlement by these firms is remarkable.
    Of course, it would be a form of naïveté to think they won't keep it up.
    Scary, too... Because when you think about it, it has taken all the power of the Government and many millions of people in this country, fighting them to reach some reforms.
    So, it begs the question-in the future, what chance would an individual have against a bank, in regard to a serious grievance?
    Seems to me, that prior to the rescinding of Glass/Stegall things seem to be
    more stable.
    13 Aug 2014, 08:36 AM Reply Like
  • Seekinggreatwealth
    , contributor
    Comments (87) | Send Message
    You can create all the rules possible, the problem is the regulators who when handed information with do nothing ( Madoff ) , or are too inept to know what to do. So the DOJ impresses everyone with hefty fines, i do not believe there is a single government agency that anticipates, someone said if private sector operated the way GA's do we would be a third world country. I would like to see Holder go after those CEO's who destroyed their companies, and the politicians who helped make it happen and the heads of the regulatory agencies who failed the country on their watch.
    13 Aug 2014, 08:46 AM Reply Like
  • Kenneth Kensington
    , contributor
    Comments (9) | Send Message
    Here we go again !!!!! All we need to do is bring back Glass / Stegall and enforce it, hopefully after 2016 we might get a leader in Washington who has the balls to wake up the Wall Street bankers. Next time the bankers screw up don't give them the tax payers working stiff money. Also we need a few to get put in jail asap so they might wake up to who they are to serve.
    13 Aug 2014, 09:43 AM Reply Like
  • hksche2000
    , contributor
    Comments (1601) | Send Message
    The VR and Glass Steagall Act are the most important rules/tools the Country has to keep banks "honest" and the US solvent. Because, letting the TBTF banks collapse in another financial crisis, unfortunately will kill the economy again, whether the tax payers will bail the banks out or not. And, even tens of billions of dollars of fines don't scare the banks from doing mischief either, as we have been witnessing.


    The Fed must take a resolute and unwavering stance against crooked bank lobbyists and congress people to press on with its (no later than) 2015 enactment of the VR. Period!
    13 Aug 2014, 11:38 AM Reply Like
  • JD in NJ
    , contributor
    Comments (1635) | Send Message
    I can just picture the decision process now: "If we can just get seven more years, I'll be retired and it won't be my problem anymore. Besides, by then we'll be 14 years past the last time we raped the nation's posterior and most will have forgotten or at least lost their elected positions, so you guys can probably get the whole thing scrapped then."


    "Motion passes."
    13 Aug 2014, 12:25 PM Reply Like
  • ote
    , contributor
    Comments (575) | Send Message
    Bankers heads on a pike, must be the only solution. Sorry I am a capitalist. Regulators will always fight the last war. The regulators / pols will be instrumental in next bad experience. If your afraid of too big to fail. Breakem up. Oops I almost forgot sarbanes oxy was for our protection of the last go round. Sarbanes caused my company to hire 300 accountants with no value added. Good knowledgable managers are the only real protection. If you are fradi-cats break-em up and require higher reserves. Oops, higher reserves, pols will then come up with bright idea that reserves should only be long treasuries. Hint hint, good way to finance 500 billion of national debt with a required buyer. Nothing beats good knowledgable mangers, they know real liquidation enforces fiduciary responsibility. Good pols let the beauty of a market work.
    13 Aug 2014, 05:20 PM Reply Like
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