Merkley, Levin Statement on Draft Proprietary Trading Rules

Statement

Oregon's Senator Jeff Merkley and Michigan's Senator Carl Levin today released a joint statement on draft regulation to end proprietary trading inside financial institutions. Merkley and Levin were the primary authors of the legislation implementing the proprietary trading ban.

"Over one year ago, in the aftermath of the man-made financial crisis that has decimated our economy, Congress passed and the President signed into law the first new meaningful restrictions on risky proprietary trading and conflicts of interest by banks in decades. After two studies, and countless hours of work, regulators have today proposed a rule that is designed to implement these important protections for depositors, taxpayers, and the economy. We look forward to reviewing the proposed rule, and along with Chairman Volcker, expect to provide comment to regulators aimed at ensuring that they implement the rule as Congress intended."

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