409:. Specifically, banks would be allowed to acquire or retain ownership interests in venture capital funds, or pools of investment for small businesses and start-ups. Under the existing rule, banks could make indirect investments into venture capital funds but faced restrictions on directly owning a fund. The rule change would also give banks more leeway to invest or sponsor credit funds that make loans, invest in debt securities, or extend credit. One implication of this rule change would be greater bank activity in the market for
36:
390:
extension to 2016 is the second of three possible one-year extensions the
Federal Reserve may issue under the Dodd–Frank Act (regulators provided an initial one-year extension when the Volcker Rule was finalized in December 2013). Wall Street lobbyists continued to ask the Federal Reserve to extend the deadline for some banking investments in private equity and hedge funds.
383:, FDIC, OCC, CFTC and SEC all announced they were reviewing whether it would be appropriate to exempt a small subset of securities from the rule, on which they would rule by January 15, 2014, at the latest. On January 14, 2014, interim final regulations were adopted to permit certain banking entities to retain those investments.
195:, and also to limit the liabilities that the largest banks could hold. Also under discussion was the possibility of placing restrictions on the way market-making activities are compensated; traders would be paid on the basis of the spread of transactions rather than any profit that the trader made for the client.
363:
filed a suit in the
Eastern District Court of New York naming the Federal Reserve, the SEC, CFTC, OCC, FDIC, and the U.S. Department of the Treasury and calling for the court to set a deadline for implementation. Subsequently, it was reported that the Volcker Rule was not likely to be in effect until
367:
On
December 10, 2013, the Volcker Rule regulations were approved by all five of the necessary financial regulatory agencies. It was set to go into effect April 1, 2014. The final rule had a longer compliance period and fewer metrics than earlier proposals. Furthermore, the final rule put the onus on
351:
Regulators gave the public until
February 13, 2012, to comment on the proposed draft of the regulations (over 17,000 comments were made). Under the Dodd–Frank financial reform law, the regulations went into effect on July 21, 2012. However, during his report to Congress on February 29, 2012, Federal
2322:
Examining the Impact of the
Volcker Rule on Markets, Businesses, Investors, and Job Creation: Joint Hearing before the Subcommittee on Financial Institutions and Consumer Credit and the Subcommittee on Capital Markets and Government Sponsored Enterprises of the Committee on Financial Services, U.S.
246:
Despite that vote, the proposal made it into the final legislation when the House–Senate conference committee passed a strengthened version of the rule that included the language prepared by
Senators Merkley and Levin. The original Merkley-Levin amendment and the final legislation both covered more
583:
of top talent, however the trading expertise thus lost would only relate to the activity to be curtailed by the new framework, and would only be lost to the banks rather than the economy as a whole, and may be understood as precisely the sort of cultural change within taxpayer-supported banks that
347:
Volcker himself stated that he would have preferred a simpler set of rules: "I'd write a much simpler bill. I'd love to see a four-page bill that bans proprietary trading and makes the board and chief executive responsible for compliance. And I'd have strong regulators. If the banks didn't comply
166:
on
February 6, 2009. President Obama created the board to advise his Administration on economic recovery matters. Volcker argued vigorously that since a functioning commercial banking system is essential to the stability of the financial system, banks high-risk speculation created an unacceptable
316:
representatives to
Congress also expressed concern about the Volcker Rule, saying the rule's prohibitions may hamper the competitiveness of American banks in the global marketplace, and that they may seek to cut funding to the federal agencies responsible for its enforcement. The Chairman of the
127:
The rule's provisions were scheduled to be implemented as part of the Dodd–Frank Act on July 21, 2010, with preceding ramifications, but were delayed. On
December 10, 2013, the necessary agencies approved regulations implementing the rule, which were scheduled to go into effect April 1, 2014.
389:
Extensions continued for banks to exit illiquid investments. On
December 18, 2014, the Federal Reserve extended the Volcker Rule's conformance period for "legacy covered funds" (a defined term) until July 21, 2016, and indicated it would likely extend the period further to July 21, 2017. The
263:
has for too long allowed banks to create instruments which are based on junky assets, then sell them to clients, and bet against their own clients by betting on their failure. The measure approved by the conferees ends that type of conflict which Wall Street has engaged
131:
On January 14, 2014, after a lawsuit by community banks over provisions concerning specialized securities, revised final regulations were adopted. The rule came into effect on July 21, 2015. On August 11, 2016, several large banks requested a 5-year delay to exit
215:
endorsed the Volcker Rule proposals. As of February 23, 2010, the U.S. Congress began to consider a weaker bill allowing federal regulators to restrict proprietary trading and hedge fund ownership by banks, but not prohibiting these activities altogether.
433:
European scholars and lawmakers also discussed the necessity of banking reform in light of the crisis, recommending the adoption of specific regulations limiting proprietary trading by banks and their affiliates, notably in France where
1663:
1075:
421:
voted against the proposal, arguing that "several of the proposed changes will weaken core protections in the Volcker rule and enable banking firms again to engage in high-risk activities related to covered funds"
1773:
292:
trading based on Reasonably Expected Near Term Demand of Customers ("RENTD"). Trading desks that will use the underwriting exception must also estimate RENTD, which is defined differently for underwriting.
1919:
469:
council member. The "Liikanen Group" was molded after the UK's Independent Commission on Banking and the President's Council on Jobs and Competitiveness: it was established in Brussels by EU Commissioner
340:. The proposed regulations were immediately criticized by banking groups as being too costly to implement, and by reform advocates for being weak and filled with loopholes. On January 12, 2012, the U.S.
276:
into hedge funds and private equity funds, an amount that would exceed $ 6 billion a year for Bank of America alone. Proprietary trading in Treasuries, bonds issued by government-backed entities like
2336:
2327:
228:
85:
243:, Republican of Kansas. Shortly before it was due to be voted upon, Brownback withdrew his own amendment, thus killing the Merkley-Levin amendment and the Volcker Rule as part of the Senate bill.
417:
called the proposed change "a simpler, clearer approach to implementing the rule makes it easier for both banks and regulators to carry out the intent of the rule". Federal Reserve Governor
259:. This is an important victory for fairness for investors such as pension funds and for the integrity of the financial system. As the Goldman Sachs investigation showed, business as usual on
1774:"Monday Morning Regulatory Review – 12/30/13: Obamacare Fractal Geography; Volcker Rule Stay & Reconsideration; OSHA Interpretations & Ripeness; and Rearview Mirrors & Cameras"
121:
304:
Public comments to the Financial Stability Oversight Council on how exactly the rule should be implemented were submitted through November 5, 2010. Financial firms such as Goldman Sachs,
255:
We are also pleased that the conference report includes strong language to prevent the obscene conflicts of interest revealed in the Permanent Subcommittee on Investigations hearing with
1121:
1994:
183:
The Volcker Rule was first publicly endorsed by President Obama on January 21, 2010. The proposal was to specifically prohibit a bank or institution that owns a bank from engaging in
489:" of the 1990s, surprised financial analysts in Europe and North America by "calling for splitting up the commercial banks from the investment banks. He called for the return of the
296:
Following the passage of the Financial Reform Bill, many banks and financial firms indicated that they did not expect the Volcker Rule to have a significant effect on their profits.
239:, Republican of Alabama, objected to a motion to vote on the amendment. Merkley and Levin responded by attaching the amendment to another amendment to the bill put forth by Senator
321:(R-Alabama), stated that he was seeking to limit the effect of the Volcker Rule, although Volcker himself stated that he expected backers of the rule to prevail over such critics.
1251:
457:, or "Report of the European Commission's High-level Expert Group on Bank Structural Reform", is a set of recommendations published in October 2012 by a group of experts led by
368:
banks to demonstrate that they are operating their trading activities in compliance with the rule and required CEO certification of the effectiveness of the compliance program.
2357:
1667:
1065:
235:
on May 20, 2010. Despite having wide support in the Senate, the amendment was never given a vote. When the Merkley-Levin Amendment was first brought to the floor, Senator
1719:
398:
On January 30, 2020, the Volcker Regulators put forward a proposal to shrink the "covered funds" for which banks face investment limitations, allowing banks to invest in
605:
722:
1038:
1951:
565:
163:
1928:
1758:
2352:
2056:
1898:
2279:"Dictionaries Fail: The Volcker Rule's Reliance On Definitions Renders It Ineffective And A New Solution Is Needed To Adequately Regulate Proprietary Trading"
1176:
1851:
2136:
1595:
139:
On January 30, 2020, the Federal Reserve put forward a proposal to roll back some provisions of the rule, specifically rules that limit bank investment in
2027:
888:
1714:
333:
906:
596:
of 1933. Its core differences from the Glass–Steagall Act have been cited by one scholar as being at the center of the rule's identified weaknesses.
120:
by commercial banks, whereby deposits are used to trade on the bank's own accounts, although a number of exceptions to this ban were included in the
927:
2004:
1325:
1100:
644:
325:
212:
1446:
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banking experts argued that, beyond fragmented national legislations, such rules should be adopted and implemented within the broader context of
1873:
1308:
227:, Democrat of Michigan, introduced the main piece of the Volcker Rule – its limitations on proprietary trading – as an amendment to the broader
2188:
1131:
1343:
439:
413:(CLOs), where banks were previously barred from involving themselves with CLO funds that included a debt component. Federal Reserve Chairman
371:
However, after a lawsuit was filed to stay the effect of the Volcker Rule regulations over whether banks could be required to sell or divest
337:
1568:
425:
On June 25, 2020, the Volcker Regulators relaxed part of the rules involving banks investing in venture capital and for derivative trading.
1396:
341:
268:
Conferees changed the proprietary trading ban to allow banks to invest in hedge funds and private equity funds at the request of Senator
1759:"Volcker first take: You no longer need "a lawyer and a psychiatrist" to comply with the rule – just strong, well-documented processes"
1261:
324:
Regulators presented a proposed form of the Volcker Rule regulations for public comment on October 11, 2011, which was approved by the
89:
272:(R-Mass.), whose vote was needed in the Senate to pass the bill. The Volcker rule was further amended to allow banks to invest 3% of
1967:
1512:
1203:
67:
610:
1066:"President Obama Calls for New Restrictions on Size and Scope of Financial Institutions to Rein in Excesses and Protect Taxpayers"
2283:
640:
313:
1689:
1369:
1282:
113:
1010:
410:
372:
752:
671:
620:
615:
2117:
831:
2252:
1152:
800:
501:
490:
159:
1831:"Federal Reserve Order Approving Extension of Conformance Period Under Section 13 of the Bank Holding Company Act"
1537:
198:
On January 21, 2010, under the same initiative, President Obama announced his intention to end the mentality of "
112:. It was not implemented until July 2015. Volcker argued that such speculative activity played a key role in the
2214:
778:
528:
The proposal of the Volcker Rule led to an exodus of top proprietary traders from large banks to form their own
1014:
376:
269:
386:
On January 14, 2014, revised final regulations were approved, and the rule came into effect on July 21, 2015.
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207:
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81:
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pwc.com/us/en/financial-services/regulatory-services/publications/2014-volcker-rule-covered-funds.jhtml
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232:
172:
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329:
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types of proprietary trading than the original rule proposed by the administration. It also banned
192:
184:
117:
857:
2257:
1181:
907:"Fed to pare back 'Volcker rule' to expand bank investment in venture capital, securitized loans"
839:
1945:
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1814:
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509:
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199:
140:
97:
1200:
2323:
House of Representatives, One Hundred Twelfth Congress, Second Session, January 18, 2012
1422:
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July 2014 and that some industry lobbyists were pushing for extension beyond that date.
49:
Please help update this article to reflect recent events or newly available information.
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556:, Pierre-Henri Flamand, Bob Howard, Morgan Sze, Darren Wong and Mathew McClean from
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879:"Exclusive: Wall St. banks ask Fed for five more years to comply with Volcker rule"
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use, designed to mitigate systemic risk, had produced exactly the opposite effect.
109:
101:
96:). The rule was originally proposed by American economist and former United States
70:
93:
496:
On October 24, 2017, citing "no foreseeable agreement" in sight on criteria, the
1921:
Bank Regulation and Financial Orthodoxy: the Lessons from the Glass-Steagall Act
1899:"Bank stocks surge after regulators ease Volcker Rule, JPMorgan Chase climbs 2%"
1852:"First take: Ten key points from the Fed's Volcker Rule covered funds extension"
1451:
580:
529:
493:, which he said had effectively led to half a century free of financial crises.
478:
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260:
105:
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1211:
277:
224:
188:
1101:"Trader Pay May Face Restrictions Under Volcker Rules Mandated by Dodd–Frank"
2137:"Deutsche Bank Loses Option Trader Saiers to Hedge Fund Alphabet Management"
1596:"Bernanke Says Dodd–Frank's Volcker Rule Won't Be Ready by July 21 Deadline"
561:
537:
17:
1201:
Merkley, Levin: Ban on High Risk Trades Victory for Workers and Businesses
2297:
533:
481:, considered one of the driving forces behind the considerable financial
356:
said the central bank and other regulators would not meet that deadline.
288:
were also exempted. Another form of permitted proprietary trading allows
133:
66:
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883:
757:
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or join existing hedge funds including Todd Edgar and Roger Jones from
2321:
2032:
486:
104:
in 2010 to restrict United States banks from making certain kinds of
2028:"Rethinking Capitalism: Sandy Weill Says Bring Back Glass-Steagall"
251:
trading. Senator Levin commented on the importance of that aspect:
1995:"Finland's Liikanen to Lead EU Group on Bank 'Structural Reforms'"
65:
2084:"Volcker Rule to Curb Liquidity, Boost Independent Trader Talent"
1903:
1309:"Regulatory Brief – Volcker Rule: Are you really market making?"
1086:
969:
592:
The Volcker Rule has been compared to, and contrasted with, the
435:
406:
147:
1966:
M. Nicolas J. Firzli quoted by Marie Lepesant (June 11, 2012).
928:"Banks Get Easier Volcker Rule and $ 40 Billion Break on Swaps"
1874:"Fed Should Delay Parts of Volcker for Some Funds, Sifma Says"
1397:"Derivatives, 'Volcker' Rules May Be House Republican Targets"
1126:
573:
29:
1861:. PwC Financial Services Regulatory Practice, December, 2014.
1724:. PwC Financial Services Regulatory Practice, December, 2013.
1314:. PwC Financial Services Regulatory Practice, February, 2015.
1177:"Bill Passed in Senate Broadly Expands Oversight of Wall St."
751:
Clarke & Alper, Dave & Alexandra (October 11, 2011),
500:
scrapped the draft legislation that would have permitted the
1538:"Fed Clarifies Volcker Rule Conformance Period Expectations"
1326:"Volcker underwriting: It's simple … no need to overanalyze"
1331:. PwC Financial Services Regulatory Practice, March, 2015.
429:
Ongoing regulatory debate in the US and the European Union
359:
By February 26, 2013, the rule was still not implemented.
344:(CFTC) issued substantially similar proposed regulations.
1099:
Hopkins, Cheyenne; Mattingly, Phil (September 26, 2011).
832:"Regulators Ease Volcker Rule Provision on Smaller Banks"
86:
Dodd–Frank Wall Street Reform and Consumer Protection Act
1600:
1039:"White House Recommits to "Volcker Rule" Bank Trade Ban"
954:"About the President's Economic Recovery Advisory Board"
753:"U.S. reveals Volcker rule's murky ban on Wall St. bets"
672:"Obama's 'Volcker Rule' shifts power away from Geithner"
2189:"Top JP Morgan Prop Trader Leaves to Launch Hedge Fund"
1838:
federalreserve.gov/newsevents/press/bcreg/20141218a.htm
1122:"Former U.S. Treasury Secretaries Endorse Volcker Rule"
2057:"EU scraps its answer to U.S. Volcker Rule for banks"
1252:"Volcker Said to Be Unhappy With New Version of Rule"
670:
David Cho, and Binyamin Appelbaum (22 January 2010).
2330:
from the OCC, Federal Reserve, FDIC, and SEC in the
746:
744:
477:
On July 25, 2012, former Citigroup Chairman and CEO
348:
with the spirit of the bill, they'd go after them."
312:
posted comments expressing concerns about the rule.
799:Baer, Justin; Steinberg, Julie (10 December 2013).
317:House Financial Services Committee, Representative
1153:"GOP Blocks Three Key Anti-Wall Street Amendments"
1447:"Volcker: Worried about mega-bank failure rules"
794:
792:
150:. These changes were adopted on June 25, 2020.
1540:. Schulte Roth & Zabel LLP. April 20, 2012.
1060:
1058:
253:
1968:"Le Modèle des Banques Françaises en Question"
1589:
1587:
1370:"The Volcker Rule After the Midterm Elections"
579:Critics of the rule pointed to the subsequent
1513:"Volcker Rule Is Out, How Much Will It Hurt?"
1423:"Rep Bachus warns Geithner on "Volcker rule""
540:, George "Beau" Taylor and Trevor Woods from
8:
1390:
1388:
1033:
1031:
606:2008–2010 bank failures in the United States
164:President's Economic Recovery Advisory Board
116:. The rule is often referred to as a ban on
2358:Separation of investment and retail banking
2284:BYU International Law and Management Review
1950:: CS1 maint: numeric names: authors list (
1344:"BofA Says Volcker Rule Won't Be Too Tough"
1342:Tara LaCapra, Lauren (September 14, 2010),
171:. He also argued that the vast increase in
2296:
858:"Old engine of Wall Street is sputtering"
334:Office of the Comptroller of the Currency
1569:"Volcker Rule, Once Simple, Now Boggles"
851:
849:
2045:Quoting interview on CNBC's Squawk-Box.
1690:"Volcker Rule Could be Delayed – Again"
1643:"What's going on with the Volcker Rule"
1011:"Financial Reform: Unfinished Business"
873:
871:
645:U.S. Securities and Exchange Commission
632:
229:Dodd–Frank financial reform legislation
1943:
1739:
1738:
1727:
1623:
1622:
1611:
1175:Herszenhorn, David M. (May 20, 2010),
830:Goldstein, Matthew (14 January 2014).
825:
823:
821:
801:"Regulators Vote to Back Volcker Rule"
560:, Deepak Gulati and Mike Stewart from
2339:from the CFTC in the Federal Register
2253:"Glass-Steagall vs. the Volcker Rule"
1772:Beck, Leland E. (December 30, 2013).
1688:Patterson, Scott (27 February 2013).
1664:"OSEC mandamus suit re: Volcker Rule"
1511:Touryalai, Halai (October 12, 2011),
1421:Drawbaugh, Kevin (November 4, 2010),
1395:Mattingly, Phil (November 19, 2010),
900:
898:
7:
2353:Bank regulation in the United States
2161:LaCapra, Lauren Tara (21 Jan 2011).
985:"How to Reform Our Financial System"
342:Commodity Futures Trading Commission
187:, and from owning or investing in a
1594:Torres, Craig (February 29, 2012),
1567:Stewart, James (October 21, 2011),
1368:Johnson, Simon (November 4, 2010),
856:McLannahan, Ben (October 2, 2015).
777:Touryalai, Halah (March 21, 2012).
723:"Bank Rules That Serve Two Masters"
699:"Prop Trading and the Volcker Rule"
512:. The draft was supposed to be the
379:(TruPS), on December 27, 2013, the
2213:Touryalai, Halah (21 March 2012).
1993:Brundsen, Jim (January 16, 2012).
1666:. 26 February 2013. Archived from
1445:Orol, Ronald (December 10, 2010),
905:Cheung, Brian (January 30, 2020).
584:the rule was intended to achieve.
25:
1972:Le Parisien Aujourd'hui en France
1918:M Nicolas Firzli (January 2010),
1872:Onaran, Yalman (9 October 2014).
1471:Protess, Ben (October 12, 2011),
1009:Paul Volcker (October 27, 2011).
983:Paul Volcker (January 30, 2010).
647:. 8 February 2011. Archived from
205:In a February 22, 2010 letter to
2187:Touryalai, Halah (15 Feb 2013).
2026:Denning, Steve (July 25, 2012).
1250:Onaran, Yalman (June 30, 2010),
891:from the original on 2023-04-04.
34:
27:American investment banking rule
2055:Jones, Huw (October 24, 2017).
1224:Taibbi, Matt (August 4, 2010),
1078:from the original on 2017-02-16
641:"Notice Regarding Volcker Rule"
411:collateralized loan obligations
373:collateralized debt obligations
2118:"Sutesh Sharma to go it alone"
2116:Jones, Sam (August 22, 2011).
1473:"S.E.C. Advances Volcker Rule"
1283:"Volcker's Treasury Exception"
110:do not benefit their customers
1:
2135:Kearns, Jeff (15 July 2010).
1281:Evis, Peter (July 7, 2010),
611:2008–09 Keynesian resurgence
2277:Chatterjee, R. Rex (2011).
2091:Energy Intelligence Finance
1927:(in French), archived from
1151:Grim, Ryan (May 18, 2010),
508:" banks to split off their
213:Secretaries of the Treasury
2379:
491:Glass-Steagall Act of 1933
377:trust-preferred securities
223:, Democrat of Oregon, and
114:2007–2008 financial crisis
158:Volcker was appointed by
43:This article needs to be
2163:"Volcker Rule Who's Who"
1015:New York Review of Books
572:, and Jean Bourlet from
394:Relaxation, 2020-present
310:JPMorgan Chase & Co.
2215:"Volcker Rule Refugees"
1813:(January 31, 2014); 79
1288:The Wall Street Journal
1226:"Wall Street's Big Win"
779:"Volcker Rule Refugees"
621:Principal–agent problem
616:Brown–Kaufman amendment
231:that was passed by the
208:The Wall Street Journal
588:Historical antecedents
536:, Sutesh Sharma from
440:World Pensions Council
266:
179:Entry into legislation
160:President Barack Obama
73:
1290:: Heard on the Street
381:Federal Reserve Board
69:
2298:10.2139/ssrn.1857371
2251:(January 22, 2010),
721:(October 13, 2011).
249:conflict of interest
233:United States Senate
162:as the chair of the
1694:Wall Street Journal
1557:(February 14, 2012)
1501:(November 07, 2011)
1074:, 21 January 2010,
805:Wall Street Journal
677:The Washington Post
651:on 28 December 2011
544:, Pablo Calderini,
498:European Commission
330:The Federal Reserve
193:private equity fund
185:proprietary trading
118:proprietary trading
2258:The New York Times
2097:(25). 20 June 2012
2007:on January 2, 2013
1820:(January 31, 2014)
1797:(January 31, 2014)
1778:fedregsadvisor.com
1715:"Volcker Shrugged"
1374:The New York Times
1206:2010-07-08 at the
1182:The New York Times
989:The New York Times
840:The New York Times
594:Glass–Steagall Act
510:trading activities
474:in February 2012.
461:, governor of the
74:
2337:Final regulations
2328:Final regulations
1737:External link in
1645:. 7 December 2012
1621:External link in
1210:, Press release,
1134:on April 25, 2010
1087:National Archives
970:National Archives
516:'s answer to the
446:valid across the
375:(CDOs) backed by
352:Reserve Chairman
108:investments that
64:
63:
16:(Redirected from
2370:
2332:Federal Register
2309:
2308:
2306:
2305:
2300:
2274:
2268:
2267:
2266:
2265:
2249:Uchitelle, Louis
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2073:
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2046:
2044:
2042:
2040:
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2017:
2016:
2014:
2012:
2003:. Archived from
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1984:
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1761:. December 2013.
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306:Bank of America
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286:municipal bonds
200:Too big to fail
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459:Erkki Liikanen
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319:Spencer Bachus
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237:Richard Shelby
211:, five former
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2068:October 24,
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581:brain drain
530:hedge funds
479:Sandy Weill
404:securitized
282:Freddie Mac
270:Scott Brown
261:Wall Street
145:securitized
106:speculative
94:§ 1851
80:is section
55:August 2019
2347:Categories
2304:2012-05-02
2264:2010-01-27
2167:The Street
1938:2010-01-08
1883:13 October
1674:2013-02-27
1649:2013-02-27
1606:2012-02-29
1578:2011-10-28
1524:2011-10-28
1518:Forbes.com
1482:2011-10-12
1458:2010-12-13
1432:2010-12-01
1408:2010-11-23
1379:2010-11-15
1355:2010-07-07
1295:2010-07-07
1268:2010-07-07
1237:2010-08-04
1212:Carl Levin
1188:2010-05-21
1162:2010-05-21
1138:2010-02-22
1107:2011-09-28
1082:2010-02-27
1049:2010-05-02
994:2 November
965:2010-09-14
913:2020-01-31
764:2011-10-11
734:2011-10-14
704:2011-09-28
627:References
504:to order "
485:and "mega-
314:Republican
278:Fannie Mae
225:Carl Levin
189:hedge fund
173:derivative
154:Background
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562:JP Morgan
538:Citigroup
219:Senators
167:level of
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600:See also
534:Barclays
336:and the
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