Dick Bove, Rafferty Capital VP of equity research, reacts to the Fed's decision to give banks an extra 2 years to conform to the part of the Volcker Rule that would force them to sell "riskier" forms of debt.» Read More
Wall Street banks had sought an exemption and the leading Wall Street lobbying group expressed disappointment with the Fed's move. That kind of risk-taking on Wall Street helped trigger the 2008 financial crisis.
WASHINGTON, March 20- A U.S. bank regulator on Thursday said the Volcker rule could cost the industry a one-time annual charge of up to $4.3 billion, the first cost estimate by a regulator for the ban on banks betting on markets with their own money.
NEW YORK/ ABU DHABI, March 4- Ben Bernanke earned more in 40 minutes on Tuesday than he made all of last year as head of the U.S. Bernanke was paid at least $250,000 for his first public speaking engagement, in Abu Dhabi, since stepping down in January, according to sources familiar with the matter.
Though the Federal Reserve’s stimulus efforts have wide approval among investors and bankers, some argue its policies distort and harm the economy.
Lawyers for the business lobby group are combing through the 1995 Unfunded Mandates Reform Act, which the Office of the Comptroller of the Currency has said directs it to assess the economic impact of any new rule that will cost the government or private sector $100 million or more.
*Testimony at 8:30 a.m., hearing at 10 a.m.. WASHINGTON, Feb 11- The health of the U.S. economy and the extraordinary and controversial measures the Federal Reserve has taken to support it will top the agenda on Tuesday when Janet Yellen testifies to lawmakers for the first time as head of the Federal Reserve.
WASHINGTON, Feb 4- U.S. financial regulators have formed a working group to coordinate implementation of the Volcker rule, which bans banks from proprietary trading, top regulatory officials plan to tell lawmakers on Wednesday.
NEW YORK, Feb 3- Former Federal Reserve Chairman Ben Bernanke began his new job at the Brookings Institution on Monday, wasting no time getting back to work just three days after ending his tenure as head of the world's most powerful central bank.
CNBC's Kayla Tausche reveals why regulators have gone back to the drawing board on certain parts of the Volcker Rule, and what it means for the banks.
*Senate votes 56-26 to confirm Fed vice chair for top job. WASHINGTON, Jan 6- Janet Yellen, a key force behind the Federal Reserve's unprecedented and controversial efforts to boost the U.S. economy, was confirmed by the Senate on Monday to lead the central bank just as it begins to unwind that stimulus.
*Senate voteS 56-26 to confirm Fed vice chair for top job. WASHINGTON, Jan 6- Janet Yellen, a key force behind the Federal Reserve's unprecedented and controversial efforts to boost the U.S. economy, was confirmed by the Senate on Monday to lead the central bank just as it begins to unwind that stimulus.
CNBC's Mary Thompson reports regulators are reviewing a ban on banks holding certain debt securities, and explains how this will impact smaller banking institutions.
Former Fed Chair Sheila Bair shares her thoughts on the Volcker Rule and weighs in on the state of the banking sector. CNBC's Rick Santelli provides perspective.
WASHINGTON, Dec 23- The American Bankers Association on Monday initiated a legal challenge to a provision of the "Volcker rule" that restricts bank ownership of certain investments. CB&T Bancshares Inc and its Citizens Bank and Trust Co subsidiary also signed on to the court filing, as did MBT Financial Corp and its Monroe Bank and Trust Co subsidiary.
Three Fed chairmen from different eras: Paul Volcker, Ben Bernanke and Alan Greenspan. CNBC's Steve Liesman provides insight.
Dec 16- The Federal Reserve must clearly explain its decisions to Americans and convince them that the policies are in their interest, Chairman Ben Bernanke said on Monday without specifically discussing monetary policy or the U.S. economy.
The Federal Reserve is marking 100 years today with speeches from all living Fed Chairmen: Paul Volcker, Alan Greenspan and Ben Bernanke. Ylan Mui, The Washington Post; Greg Ip, The Economist; and CNBC's Larry Kudlow, discuss.
Looking back on 100 years of the Federal Reserve, with Ylan Mui, The Washington Post; Greg Ip, The Economist; and CNBC's Larry Kudlow and CNBC's Steve Liesman.
WASHINGTON, Dec 10- U.S. banks will no longer be able to make big trading bets with their own money after regulators finalized on Tuesday a rule shutting down what was a hugely profitable business for Wall Street before the credit crisis.
WASHINGTON, Dec 10- U.S. regulators on Tuesday adopted a rule to prevent banks from behaving like hedge funds, called the Volcker rule after former Federal Reserve Chairman Paul Volcker.