Sheesh. That didn't take long. I guess having only five recent Treasury Secretaries wasn't enough. After all, CNBC was against it so it's probably better to listen to what they want. This administration really has a knack for lowering expectations. And they wonder why the public finds them spineless and as dysfunctional as the last administration.
The Obama administration lowered expectations Tuesday for the "Volcker rule" to curb risky trading by banks, emphasizing "limits" rather than an outright ban, as Congress shied from the original proposal.Ah yes. The Senate isn't very well respected by the public either for obvious reasons.
The Treasury Department said in a statement that it supports "mandatory limits" on banks' proprietary trading, in which they trade for their own accounts. The administration last month had called for an outright ban on such trading.
But the original proposal was subject to review by Congress and, as Reuters reported last week, the Senate Banking Committee is considering only a watered-down version of the rule proposed by former Federal Reserve chief Paul Volcker.
