Walker

Last week, the SEC joined regulators in a desire to revise the Volcker rule, what commercial banks have long dreamed of. On Tuesday, 5 June, US Securities and Exchange Commission ranked fifth of five agencies, following the Fed, By the Commission for the Regulation of the Activities of Commercial Banks, By the Federal Deposit Insurance Corporation and the Commission on Futures Trading, which agreed to a possible amendment to Volcker's rule from 2013 of the year, prohibiting commercial banks to carry out purchase and sale operations on deposits from the population and organizations to derive their own profit. The rule became part of the Dodd-Frank Act 2010 years and was introduced due to the rhetoric of the former Fed Chairman Paul Volcker that, that increased speculative activity of commercial banks in high-risk financial instruments was a key catalyst for the financial crisis 2008 of the year. In response to the SEC's possible consent to the revision, major news agencies, such as the New York Times and CNBC, called the changes "extensive", while U.S. Senator Elizabeth Warren reacted even more sharply. Addressing many of Goldman Sachs' former investment bankers, who were or are part of the Trump administration, including current Treasury Secretary Stephen Mnuchin, Warren called it "patronage" from "ex-pals" who are willing to break the rule., which protects taxpayers from a new crisis.