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News Now

Washington
Inside Washington (04/13/2010)
* WASHINGTON (4/14/10)--The Volcker Rule, named after former Federal Reserve Board chairman Paul Volcker, may have some staying power, according to financial observers. The rule aims to ban proprietary trading. Some said the rule wouldn’t be in the Senate regulatory reform bill. Brian Gardner, KBW Inc. analyst, said it was included in the bill as a “negotiating tactic” (American Banker April 13). However, Gregory Lyons, partner at Debevoise and Plimpton LLP, said there was doubt if the rule would make it into the bill at all--and the fact it’s in there is noteworthy. Thomas Hoenig, Kansas City Federal Reserve Bank president, said provisions like the Volcker rule or something similar could help manage risk and give regulators the ability to deal with large financial institutions ... * WASHINGTON (4/14/10)--Misinformation about the regulatory reform bill could slow its approval, according to Federal Deposit Insurance Corp. (FDIC) Chairman Sheila Bair. There have been some “badly misinformed” criticisms of the legislative reforms that have no purpose but to delay enactment, Bair said (American Banker April 13). She spoke at a conference Monday for the Council of Institutional Investors. Bair also indicated that her agency hopes to tie banks’ compensation structures to the deposit insurance rate. The FDIC should be able to consider risky pay schemes when it decides how much a bank should pay for deposit insurance. The FDIC issued an advance notice of proposed rulemaking in January on how it could do this. The FDIC board planned to meet Tuesday to discuss such a proposal ...


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