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Posts Tagged ‘WSJ letter from former Treasury Secretaries’

Volcker Rule Gains Support of Former Treasury Secretaries

Posted by Larry Doyle on February 22nd, 2010 3:59 PM |

Score major points for former Fed Chair Paul Volcker in his pursuit to restructure Wall Street. How so?

A letter in this morning’s Wall Street Journal from five former Treasury Secretaries endorses Volcker’s proposal to limit proprietary trading activities in our largest banks. The letter reads,

We who have served as secretary of the Treasury in both Republican and Democratic administrations write in support of the proposed legislation to prohibit certain proprietary activities of commercial banking organizations—the so-called Volcker rule, as part of needed financial reform (“It’s Time for Financial Reform Plan C,” by Alan Blinder, op-ed, Feb. 16).

The principle can be simply stated. Banks benefiting from public support by means of access to the Federal Reserve and FDIC insurance should not engage in essentially speculative activity unrelated to essential bank services. (more…)






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