In financial news, the Federal Reserve and banking regulators are slated to roll back the Volcker Rule, a key financial regulation enacted after the 2008 financial crisis. The rule bars banks from using customers’ deposits to make the bank’s own risky bets. It was one of the key aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act and was named after former Federal Reserve Chair Paul Volcker. Watering down the rule would allow Wall Street’s giant banks to again engage in a wide range of risky trading, using customers’ own money. Meanwhile, on Monday, President Trump nullified rules aimed at preventing discrimination in auto lending. And today the House is slated to vote on legislation that would roll back other parts of the Dodd-Frank Act for thousands of smaller to midsized banks.
Financial Regulators Slated to Roll Back Volcker Rule
HeadlineMay 22, 2018