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Paul Volcker, former Federal Reserve Chairman, explains why he believes the Volcker Rule has already been effective and says that regulation does not have to be overly complex.
In a rare interview, former Federal Reserve Chairman Paul Volcker tells CNBC's "Squawk Box" that his namesake rule has already changed the way Wall Street does business, despite the delays in crafting the final draft. The Volcker Rule is part of the 2010 Dodd-Frank Act.
CNBC's Kayla Tausche reports regulatory sources have told CNBC that the deadline to complete the Volcker Rule is now delayed until the end of the first quarter of 2013.
WASHINGTON, Oct 25- Two influential U.S. senators on Thursday urged regulators to resolve any differences and finish writing a controversial ban on proprietary trading known as the Volcker rule.
CHICAGO, Oct 23- Illinois has dug itself into such a huge financial hole that it may not be able to provide basic services to residents or meet employee benefit obligations, according to a national task force that is due to release a report about the state's finances.
University of Illinois economist Richard Dye says solutions to problems like the state's backlog of bills and the Medicaid squeeze will be mentioned but not recommended. Illinois was among six states examined. Pat Quinn spokesman Abdon Pallasch says the July report highlighted problems the Illinois governor has fixed or proposed solutions for.
The Systemic Risk Council, led by former Federal Deposit Insurance Corp Chairman Sheila Bair, in a letter on Thursday urged top U.S. regulators to implement so-called Basel III standards more quickly, to include a stricter limit on leverage in large banks and reduce the exposure of banks to each other.
*Volcker will compare and contrast U.S., UK regulation. LONDON, Oct 2- Paul Volcker, the former U.S. Volcker, who led the Fed under presidents Jimmy Carter and Ronald Reagan, has been at the forefront of recent regulatory attempts to reform the U.S. banking system and will compare and contrast banking practices in Britain and the United States.
*Britain's FTSE 100 index is seen opening down 30 to 39 points, or as much as 0.7 percent, according to financial bookmakers. *European officials told Reuters late on Monday that Spain was ready to request a bailout for its public finances as early as next weekend, but Germany had signalled that it should hold off.
*Britain's FTSE 100 index is seen opening down 30 to 39 points, or as much as 0.7 percent, according to financial bookmakers. *The UK blue chip index closed up 1.4 percent, or 78.38 points, higher at 5,820.45 points on Monday.
Volcker, architect of the "Volcker Rule" governing so-called proprietary trading by U.S. investment banks, will appear before the commission on Oct. 17 to compare and contrast banking behaviour and practices between Britain and the United States.
tAs regulators put the finishing touches on new rules for Wall Street, they remain entangled in a partisan fight over the overhaul, the New York Times reports.
Although there’s a thin line between hedging and speculating, regulators should crack down if banks are making unusually large profits on their hedging activities, CFTC Commissioner Bart Chilton said.
Soon after lawmakers finished work on new financial regulations, JPMorgan lobbyists descended on Washington. Their goal was to obtain special breaks that would allow banks to make big bets in their portfolios. The New York Times reports.
The Volcker Rule is driving talented traders to leave large, well-known Wall Street investment banks for hedge funds, Reservoir Capital founder Daniel Stern said at the Skybridge Alternatives (aka SALT) investor summit Wednesday.
Charlie Munger, Berkshire Hathaway vice chairman, says he would like to see a stronger Volcker rule. Meanwhile Warren Buffett says that although he doesn't share the same view as strongly, banks should not have a "free hand."
Paul Volcker was Chairman of the Federal Reserve under Presidents Reagan and Carter. But his name is becoming more well-known for a part of the Dodd–Frank reform bill. It's called the Volcker rule, and CNBC explains.
Proposed regulation to prohibit proprietary trading by banks, known as Volcker Rule, could result in higher energy prices and fewer jobs, according to a new study.
When Brookings and bi-partisan support is for a delay, then the forces of nature are lining up against regulators on Volcker.
Regulators in charge of writing the Volcker Rule, which would ban banks from trading with their own money, were inundated with complaints and suggestions from the financial industry. The New York Times reports.