| Our new Congress at work undoing laws that are crucial. It's official: House Republicans will again try to hamstring the Volcker Rule, after Democrats knocked down a previous effort last week.The Volcker Rule bans banks from speculating in financial markets with government-backed funds. When federal regulators approved the rule in late 2013, they banned banks from owning complex securities known as collateralized debt obligations -- risky pools of corporate debt that are sliced into smaller packages for sale to banks. The GOP bill slated for a vote on Tuesday would let banks hold onto CLOs until July 2019 -- a provision that many banking experts view as part of a piecemeal effort to repeal the 2010 Dodd-Frank financial reform law in its entirety. The Office of the Comptroller of the Currency, a major bank regulator, has warned that the corporate debt market is overheating... |
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