facebook
twitter
rss
account
search
search
 

Obama forwards Volcker rule to Congress

March 3, 2010 at 5:43 PM   |   Comments

WASHINGTON, March 3 (UPI) -- The Obama administration forwarded its draft of a Volcker rule limiting the size and activity of U.S. financial companies to Congress Wednesday.

The White House proposed limiting bank shares to 10 percent of overall liabilities and prohibiting banks from "purchasing or selling, or otherwise acquiring and disposing of, stocks, bonds, options, commodities, derivatives, or other financial instruments for the institution's or company's own trading book," the White House said in summary of the draft bill.

There was already skepticism that the bill would make it into law as Republicans were particularly set against it, The Financial Times reported.

Criticism came from as far away as Britain, where First Secretary of State Peter Mandelson called the proposal "too difficult" and urged President Obama to focus on reforms outlined by the Group of 20 nations.

"It's the principle and practice of regulation you have to focus on, not the size of banks," Mandelson said.

© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
Norways Kongsberg to demo missile for U.S. Navy Norways Kongsberg to demo missile for U.S. Navy
2
E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover
3
Pizza Hut hoping the "Skinny Slice" will mean big bucks
4
Saab producing vehicle protection system for unidentified customer Saab producing vehicle protection system for unidentified customer
5
Anheuser-Busch not satisfied with the way NFL has handled recent incidents Anheuser-Busch not satisfied with the way NFL has handled recent incidents
Trending News
Video
x
Feedback