New financial and banking regulations in place in USA. Volcker rule passed by all five regulators.

[Sobotnik]

[quote]Named after former Federal Reserve chairman Paul Volcker, it bans banks from using their own funds for trading activities.

It is considered the centrepiece of the 2010 banking reform legislation known as Dodd-Frank.

Banks will have until 21 July 2015 to comply with the rules.

The five agencies ruling on the measure are: the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange Commission (SEC), which voted the measure through by a vote of 3-2, and the Commodities Futures Trading Commission, which passed the rule by 3-1.

Although the Volcker rule was passed as part of the Dodd-Frank legislation in 2010, it has faced difficulties in implementation, mostly due to opposition from the banking industry.

US President Barack Obama applauded the passage of a rule proposed more than three years ago.

He said in a statement: "The Volcker Rule will make it illegal for firms to use government-insured money to make speculative bets that threaten the entire financial system, and demand a new era of accountability from CEOs who must sign off on their firm's practices."[/quote]

Slowly stumbling in the general right direction.

[url]http://www.bbc.co.uk/news/business-25310641[/url]

[rsa1988]

Now time for more regulations that make sense like this one and we would be able to prevent another 2008 if we are lucky.