Volcker rule unlikely to move forward in Senate, lawmakers say

A proposal by former Federal Reserve Chairman Paul Volcker to limit bank’s proprietary trading will be either be dropped or significantly modified in the Senate, lawmakers and staffers told dealReporter.

Senate Banking Committee ranking member Richard Shelby (R-AL) said he opposes the so-called Volcker rule and the Obama administration’s call to levy a USD 90bn tax on banks. His comments come as House Financial Services Committee Chairman Barney Frank (D-MA) predicted the proposals outlined by President Obama could be law within six months.

What a Crooked Idiot Shelby is. The camouflaged(as conventional banks) investment banks take taxpayer money and use it to gamble. When they win then they pay out bonuses. When they lose- the taxpayer eats it. If they fail.....Well there too big to fail. Shelby thinks thats grand.(not hard to imagine why)

Re-instate the Glass-Steagall Act of 1933 in full!!!!

By the way. It was actually the Republicans who eliminated it in 1999. Which is exactly when this bubble and the all fraud began. Give a democrat an avenue to creative fraud and they will go for it. Congress was warned then in congressional testimony that this would happen. The democrats did there fair share of the damage,and they are a crooked lot. But Gramm-Leach-Bliley Can never be excused for making the whole fraudulent scheme, and subsequent bailout game possible. If there is a hall of shame then they should be near the front of the line. Let them forever be labeled the fathers of this mess.

http://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act

Shelby.... learn to speak English.

The banks have been screwing the country and, now, Senator is the time step up act for the general good of all the citizens.

The elimination of Glass-Steagall was also pushed by Treasury Secretary Rubin, who lobbied on behalf of his cronies on Wall Street and subsequently used its passage to take a cushy job on Citigroup, where he proceeded to give endlessly bad advice that led to the zombification of that institution.

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