Fed urges ban on Wall Street buying stakes in companies and commodities


By Jesse Hamilton
Bloomberg News
Thursday, September 8, 2016

Goldman Sachs Group Inc. would be among banks most affected by recommendations issued today by U.S. banking agencies that seek an end to merchant banking and a limit on Wall Street's ownership of physical commodities.

The report -- based on a multi-agency study of banks' investment activities required by the Dodd-Frank Act -- highlighted ways to fix potential risks that the agencies didn't think were handled by the law's Volcker Rule ban on certain trading and investments. Among the Federal Reserve's suggestions was a call that Congress repeal merchant banking powers and the ability of certain banks to engage in physical commodities businesses -- both hallmarks of Goldman Sachs' business.

The Office of the Comptroller of the Currency also said it planned to curtail a bank's ability to hold copper and to restrict lenders' holdings of hard-to-value securities. Additional Fed recommendations include repealing exemptions for industrial loan companies, which are lenders generally owned by non-financial firms, that allow them to operate outside of rules that affect banks. ...

... For the remainder of the report:



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