Hillary Clinton’s proposal to close Volcker Rule “loophole” is “clearly just pandering” to the “progressive base without any substance of reform,” Mark Calabria, head of financial regulation studies at Cato Institute, says in an e-mail.
- The Democratic presidential candidate’s call to eliminate Volcker rule provision that permits banks to invest as much as 3% of their capital in hedge funds “seems to continue Dodd-Frank trend of pushing proposals that had absolutely nothing to do with the crisis,” says Calabria, a former senior aide on Senate Banking Cmte
- NOTE: Dodd-Frank’s Volcker Rule restricts banks’ ability to trade with their own money
- NOTE: Clinton is set to release details of her plan aimed at curbing what she describes as abuses of Wall Street
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