Volcker and Deputy Treasury Secretary Neal Wolin pressed the senators to toughen their proposals for financial regulatory reform to more closely match those already approved by the House.
"Our financial system will not be truly stable, and our recovery will not be complete, until we establish clear new rules of the road for the financial sector," Wolin said.
'The essential need is to guard against excessive leverage and to insist upon adequate capital and liquidity.'
Paul Volcker
The Volcker Rule (mild Glass-Steagall Act) is meant "to prevent a banking firm from putting its clients, customers and the taxpayers at risk by conducting risky activities solely for its own enrichment," Wolin said.
The White House faces a tough political fight, because Republicans on the Banking Committee and in the Senate are skeptical at best of the new proposals from the White House.
Post je objavljen 03.02.2010. u 16:30 sati.