Market Minds

Lots of stories below cover banking regulation.  Here is a summary of what we know. No details have been released.  As the Bloomberg story below says, we don’t even know the definition of “proprietary trading” for these purposes. Frank’s statement below says: The President’s initiatives build on provisions that originated in the House Financial Services Committee and were included in the Wall Street Reform and Consumer Protection Act, which passed the House on December 11. By adopting the amendment offered by Rep. Paul Kanjorski, we included provisions in this bill to give the regulators the power to do everything the President has proposed. If the Wall Street Reform and Consumer Protection Act passes with the Kanjorski amendment as it is currently written, Obama can impose whatever he wants. All he has to do is pick up the phone and tell the regulator to do it or he will find someone to put in that job that will.

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New Bank Regulations, No Proprietary Trading