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Banks Oppose Volcker Rule

Just before the Christmas holiday, the New York Times reported that the American Bankers Association:

"... have long been lobbying to shape or water down the Volcker Rule, the provision intended to deter banks from making risky bets with their own money, in hopes of avoiding the need for future bailouts of the financial system... In a letter Monday, the association said it would file a lawsuit challenging the rule, unless regulators immediately suspended a provision that could force regional and community banks to divest themselves of an investment in collateralized debt obligations backed by trust preferred securities, known as TruPs... The trade group sent the letter to the Federal Reserve chairman, Ben S. Bernanke; the Federal Deposit Insurance Corporation chairman, Martin Gruenberg; and the Comptroller of the Currency, Thomas Curry..."

The Volcker Rule requires banks to divest of risky assets by July 21, 2015.

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