Volcker says substance of his rule in US Senate bill

MONTREAL, June 9 (BestGrowthStock) – White House economic adviser
Paul Volcker said on Wednesday the substance of his proposed
rule curbing risky practices by banks is in the Senate version
of the U.S. financial reform bill, but said caution is needed
about changes that could limit its effectiveness.

“The way it’s in the Senate bill may be revised with an
amendment, but the substance is there. The House is I think
broadly sympathetic. So I think the odds are good that
something will emerge,” Volcker told reporters at a conference
here.

“Whether there will be some amendments made that will limit
its effectiveness, we have to be cautious about that … and
try to avoid that happening,” he added.

The proposed “Volcker rule” being debated by U.S. lawmakers
would ban risky proprietary trading by banks unrelated to their
customers’ needs; bar them from sponsoring hedge funds and
private equity funds; and limit their future growth through a
new cap on market share.

Stock Market Trading
(Reporting by Jonathan Spicer; Editing by Leslie Adler)

Volcker says substance of his rule in US Senate bill