The Wish List From Business for How to Change Finance Rules
BlackRock Inc. wants Congress to change an aspect of the Volcker Rule that is causing headaches within its hedge fund business. Billionaire Paul Singer wants risky derivative bets curtailed and says regulators should lose their authority to step in when large banks are failing. Uber Technologies Inc. says Washington should eliminate red tape that makes it difficult for the private ride-hailing company to issue shares to its drivers.
June 16, 2017 at 11:00 PM
3 minute read
BlackRock Inc. wants Congress to change an aspect of the Volcker Rule that is causing headaches within its hedge fund business. Billionaire Paul Singer wants risky derivative bets curtailed and says regulators should lose their authority to step in when large banks are failing. Uber Technologies Inc. says Washington should eliminate red tape that makes it difficult for the private ride-hailing company to issue shares to its drivers.
These are just a few of the wish-list items that corporations, banking trade groups and consumer advocates have submitted to Congress as the Senate considers overhauling financial rules. Mike Crapo, the Republican chairman of the Banking Committee, and Sherrod Brown, the panel's top Democrat, began taking suggestions earlier this year as they work to craft legislation that spurs economic growth.
There were more than 130 proposals posted on the Senate Banking Committee's website last week. The range of ideas illustrates how difficult it's going to be for lawmakers to write a bill that pleases everyone, including Democrats who are hesitant to reduce oversight of Wall Street.
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