Senator Brown sought to loosen bank rules OK’d overhaul, then called for leeway, e-mails show
Source: Boston Globe
Senator Brown sought to loosen bank rules
OK’d overhaul, then called for leeway, e-mails show
By Noah Bierman and Michael Levenson | GLOBE STAFF JUNE 04, 2012
Senator Scott Brown voted for Wall Street overhaul, but emails suggest he sought a loose interpretation of a key rule.
Senator Scott Brown has trumpeted his role in casting the deciding vote in favor of the 2010 Wall Street overhaul, but records show that after he voted for the law, he worked to shield banks and other financial institutions from some of its tough provisions.
E-mails between Brown’s legislative director and US Treasury Department officials show that Brown advocated for a loose interpretation of the law so that banks could more easily engage in high-risk investments.
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At issue in Brown’s e-mails is the Volcker rule, a particularly contentious provision of Dodd-Frank. The rule, championed by Paul Volcker, a former chairman of the Federal Reserve, prevents commercial banks from speculating heavily in higher risk investments. Banks are federally insured, which means that if they fail, taxpayers must reimburse many depositors.
Read more: http://www.bostonglobe.com/metro/2012/06/03/senator-brown-sought-loosen-bank-rules/C3sK6VHdNizS1TlShg1XSO/story.html
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