President Trump, listen to candidate Trump and keep Volcker Rule
“If he’s happy, I’m happy,” President Trump said during a 2015 interview in reference to former Federal Reserve Chairman Paul Volcker and the Volcker Rule.
It seems like ancient history now, but President Trump campaigned on holding Wall Street accountable, even going so far as to embrace the Glass-Steagall Act, a Depression-era law that separated investment from commercial banking. Now, just months after being sworn in, the Trump administration is reportedly pushing the federal financial regulators to gut a modern version of the very law they once praised, the Volcker Rule.
The above excerpt was originally published in The Hill. Click here to view the full article.
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Fellow, Global Financial Markets Center, Duke University School of Law