| inbluevt | Date: Wednesday, 2013/07/24, 3:08 AM | Message # 1 | DMCA |
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Today the Senate Banking Committee met to discuss Wall Street's role in the global commodities business, and as you can imagine Senator Elizabeth Warren (D-MA) was quite outspoken about the fact that she wants it majorly diminished.
"...I share the concern of many of my colleagues about asset managers at huge Wall Street banks exercising control of key parts of America's infrastructure," she said.
This discussion is crucial, as all of that will come up for consideration in September.Back in 2003 the Federal Reserve decided to temporarily allow banks to purchase commodities directly. That means oil, power, copper, aluminium etc. This September, that temporary regulatory relaxation is
set to expire, and if it does, a big chunk of Wall Street's business will expire with it.
Read on
Message edited by inbluevt - Wednesday, 2013/07/24, 3:09 AM |
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