Goldman Sachs wants to leverage its White House influence
Richard Drew / AP
The Financial Times has a paywalled look at how Goldman Sachs hopes to use its clout in the Trump White House to target the Volcker rule, a regulatory hallmark of the Obama administration's efforts to prevent another Great Recession:
"The idea of banning so-called proprietary trading — conceived by former Federal Reserve chairman Paul Volcker — was a centrepiece of former president Barack Obama's efforts to build a bulwark against future crises requiring public bailouts. But the prohibition's final form, which stretched to 964 pages of regulation, has been criticised by banks as muddled and overly complex. They blame it for inhibiting market making activity that was meant to be permitted."