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Volcker Rule to Hurt Shareholders, Competitiveness, Bachus Says
By Phil Mattingly
Nov. 4 (Bloomberg) -- Hours after Republicans secured control of the U.S. House, the council of federal regulators studying how to implement the so-called Volcker rule received a warning from the lawmaker in line to be their new overseer.
U.S. Representative Spencer Bachus, the Alabama Republican who may become chairman of the House Financial Services Committee, said in a Nov. 3 comment letter to the new Financial Stability Oversight Council that the rule barring bank holding companies from trading on their own accounts will undermine U.S. competitiveness and cut profits at the largest banks.
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Bachus and his colleagues say they will use their new power on the committee to ensure that the new rules for Wall Street signed into law in July are not written in a way that is too restrictive on the banking industry.
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Volcker Rule to Hurt Shareholders, Competitiveness, Bachus Says
By Phil Mattingly
Nov. 4 (Bloomberg) -- Hours after Republicans secured control of the U.S. House, the council of federal regulators studying how to implement the so-called Volcker rule received a warning from the lawmaker in line to be their new overseer.
U.S. Representative Spencer Bachus, the Alabama Republican who may become chairman of the House Financial Services Committee, said in a Nov. 3 comment letter to the new Financial Stability Oversight Council that the rule barring bank holding companies from trading on their own accounts will undermine U.S. competitiveness and cut profits at the largest banks.
....
Bachus and his colleagues say they will use their new power on the committee to ensure that the new rules for Wall Street signed into law in July are not written in a way that is too restrictive on the banking industry.
...
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