Friday, Jun 25, 2010
Major US financial reform agreed
BBC: Major US financial reform agreed
The US Congress has all but finalised the biggest reform of US financial regulation since the Great Depression. President Obama said the reforms would "hold Wall Street to account".
Posted by cat and canary @ 02:36 PM (677 views) Add Comment
4 Comments
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1. cat and canary said...
KEY PROVISIONS
> Volcker rule: ban on banks' proprietary trading
> Volcker rule: limit on banks investing in hedge funds or private equity funds
> New Consumer Financial Protection Bureau
> Credit Default Swaps trading moved onto exchanges
> Banks to spin off certain swaps businesses
> New capital adequacy rules for big banks in five years
> New Council of Regulators to monitor systemic risks
> Regulator powers to seize and resolve big troubled banks
2. miken said...
I find it strange that US bank stocks should rally when you consider the fact that banks now have strict limits.
Surely easy money is now becoming a thing of the past.
3. tenyearstogetmymoneyback said...
miken
The markets nearly always price in expectations.
They were probably expecting a complete ban on speculation so 3% is better for them than expected.
4. miken said...
It's nice to be able to talk about the article rather than have some strange comments about a recaptcha!
As a relatively young person I never wanted to be part of some bankers pyramid scheme.
This is where it fails or soon will fail. The greedy bankers of today can only succeed if they convince the younger generation to keep on borrowing. For me this brainwashing failed 12 years a go and for many other (younger) people it will soon catch on too. I have never borrowed in my life and have continuously saved for the past 12 years. I don't wish to line the bankers pockets but do know I am doing this a little anyway through the low interest rates I get on my saved money! If I can stop feeding the bankers I will. The only way is to keep on moving my money to accounts that pay better interest. My only hope is the savers money becomes the primary source of income for banks and that we can start demanding more commercial interest rates.