Renewing AmericaRenewing America

Must Read

PrintPrint EmailEmail ShareShare CiteCite


Bloomberg: Lawmakers Reach Compromise on Financial Regulation

Authors: Alison Vekshin, and Phil Mattingly
June 26, 2010


Alison Vekshin and Phil Mattingly offer a look at the recent provisions agreed on by U.S. lawmakers in the sweeping reform of Wall Street's rules.

The U.S. Congress is on pace to deliver a sweeping re-write of Wall Street's rules to President Barack Obama by July 4, meeting the deadline lawmakers set for themselves.

House and Senate negotiators, after a marathon 20-hour session, early yesterday approved a bill aimed at increasing oversight and regulation of the U.S. financial system. They brokered last-minute deals on a ban on proprietary trading by banks and oversight of the derivatives market.

The House and Senate are scheduled to vote on the measure, which congressional leaders have said will not be further revised or amended, by the end of next week.

What follows are the scope, impacts and impetus for some of the major provisions, based on the language lawmakers agreed to early this morning in Washington:

‘Volcker Rule'

The Obama administration's proposal to ban banks from proprietary trading, nicknamed the Volcker rule after former Federal Reserve Chairman Paul Volcker, was softened by Senate negotiators.

Full Text of Document

More on This Topic

Primary Sources

Volcker Rule

On December 10, 2013, the Federal Deposit Insurance Corporation approved the "Prohibitions and Restrictions on Proprietary Trading and...


A Conversation with Jeffrey M. Lacker

Speaker: Jeffrey M. Lacker
Presider: Christine Harper

Jeffrey M. Lacker discusses "too big to fail" protection for financial institutions and credible alternatives to this policy.

Foreign Affairs Article

Regulatory Moneyball

Author: Cass R. Sunstein

Government regulators should take their cues from the statistics-obsessed sports geeks of Moneyball and use data and empirical evidence to...

Foreign Affairs Article

How to Fix America

Authors: Edward Conard and Fareed Zakaria

For the U.S. economy to reach its full potential, argues Edward Conard, Washington should decrease federal spending and ease government...