This story appeared in Bank Digest.
House Financial Services Committee Chairwoman Maxine Waters (D-Calif) and Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio) have sent a letter to the heads of several federal regulatory agencies opposing what they see as the agencies' recent actions to roll back safeguards put in place after the 2008 financial crisis to stop risky trading and investment activities by Wall Street megabanks. In the letter, which was sent to the heads of the Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Securities and Exchange Commission, and Commodities Futures Trading Commission, Waters and Brown said they were concerned and disappointed with 2019 amendments to the Volcker Rule, which they said "open the door to the very risky, speculative activities that Congress sought to prohibit."
They went on to say that "the 2019 rule is simply a giveaway to Wall Street banks that puts taxpayer-backed banks at risk. We believe the changes to the Volcker Rule and other regulatory changes proposed and implemented by your agencies threaten the stability of the financial system." They asked for more information on how the agencies justified the changes in the 2019 rule and urged them to reconsider their decision to adopt the rule.