Banks gear up to fight Dodd-Frank Act's Volcker rule
Big U.S. banks are set on getting Congress this year to loosen or eliminate the Volcker rule against using depositors' funds for speculative bets on the bank's own account, a test case of whether Wall Street can flex its muscle in Washington again.
In interviews over the past several weeks, half a dozen industry lobbyists said they began meeting with legislative staff after the U.S. election in November to discuss matters including a rollback of Volcker, part of the Dodd-Frank financial reform that Congress enacted after the financial crisis and bank bailouts.
Lobbyists said they plan to present evidence to congressional leaders that the Volcker rule is actually bad for companies, investors and the U.S. economy.
Big banks have been making such arguments for years, but the industry's influence waned significantly in Washington after the financial crisis. The Obama administration's regulators and enforcement agencies have been tough on banks, while lawmakers from both parties have seized opportunities to slam Wall Street to score political points.
https://www.msn.com/en-us/money/markets/banks-gear-up-to-fight-dodd-frank-acts-volcker-rule/ar-BBxS2C4?li=BBnbfcN&ocid=edgsp
Here we go again. Some dumbfucks never learn.
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Because, under the Volcker rule, they have to use their own money in making investments that could end up losing them money. If they weren't bound by the rule, they can use the average person's life savings to make money! And, if they lose in their risky bet, who cares! It was just some poor person's life savings and the federal government will pay for it!
The utter greed of banks makes me sick.
