The Big Banks Are Back
Last month, the US Congress acquiesced to Citigroup’s lobbying and repealed a key provision of the 2010 Dodd-Frank Act: the rule that prohibits banks from trading derivatives. Without this rule, the law's ability to prevent another financial crisis has been severely compromised.
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CAMBRIDGE – Last month, the United States Congress succumbed to Citigroup’s lobbying and repealed a key provision of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act: the rule that bars banks from trading derivatives. The Dodd-Frank law’s aim was to prevent another financial crisis like that of 2007-2008; the repeal reduces its chances of success.