Volcker Rule Violates NAFTA, Canada’s Oliver Wants Exemption
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The Volcker Rule, which restricts U.S. banks’ trading of foreign debt, violates the North American Free Trade Agreement and should be changed, Canada’s Finance Minister said.
Joe Oliver, speaking Wednesday in New York, called on the U.S. to grant Canada an exemption from the Volcker restrictions, citing the trade relationship between the two countries and Canada’s strong credit rating. The U.S. Treasury denied Oliver’s claim that the Volcker Rule violates Nafta.