For more on just how the Volcker rule will work and how it will be enforced, we're joined by Simon Johnson. He's professor at the MIT Sloan School of Management, and he's a member of the FDIC's systemic resolution advisory committee. Welcome to the program.
SIMON JOHNSON: Thanks for having me.
CORNISH: So let's talk more about proprietary trading. Give us some specific examples of this.
From NPR News, this is ALL THINGS CONSIDERED. I'm Audie Cornish.
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And I'm Melissa Block.
Federal regulators today approved a tough new set of restrictions on the kinds of trading that banks can do. The so-called Volcker rule largely prohibits FDIC-protected banks from trading securities for their own financial gain. It's part of the Dodd-Frank overhaul passed three years ago.
The Ivy League school has begun vaccinating nearly 6,000 students to try to stop an outbreak of type B meningitis in an unusual federal government-endorsed administration of a drug not generally approved for use in the U.S.
Originally published on Tue December 10, 2013 3:49 pm
Princeton University has started vaccinating students against type B meningitis in an effort to stop an outbreak that's infected at least eight people.
The vaccine isn't approved for general use in the United States, though it is available in Europe, Australia and Canada. But the meningitis strain that hit the New Jersey campus isn't fazed by the vaccines typically used in the U.S. The Food and Drug Administration is allowing a Novartis vaccine that's usually sold in other countries to be administered on the Princeton campus.
This story comes to us from Harvest Public Media, a public radio reporting project that focuses on agriculture and food production issues.You can see more photos and hear more audio from the series here. Wednesday, we'll have a story from a meatpacking plant in Garden City, Kan., which takes a proactive stance toward its newest immigrants.
President Obama with Paul Volcker at the White House in 2009. Volcker, who headed the President's Economic Recovery Advisory Board, lent his name to a new rule aimed at curbing risk-taking on Wall Street.
Originally published on Tue December 10, 2013 7:33 pm
The Volcker rule, a centerpiece of the 2010 Dodd-Frank financial law aimed at stopping some of the risky banking practices that contributed to the economic meltdown, was approved by five key regulators on Tuesday, clearing the way for its implementation.
The U.S. Commodity Futures Trading Commission became the fifth and final body to approve the rule. The Federal Reserve and the Federal Deposit Insurance Corp. were also among the agencies that gave the green light.
Jimmy McMillan ran for governor of New York state in 2010 as the candidate from the Rent is 2 Damn High party. (Party platform: The rent is too damn high!) The cost of renting a home is swallowing an ever larger portion of Americans' incomes.
Originally published on Tue December 10, 2013 4:50 pm
Back in 1995, more than half of all people of color rented their homes — almost twice the proportion of white renters. Then the Clinton administration pushed policies to bolster homeownership rates, and those numbers began a gradual, decade-long decline. The number of people of color renting fell below 50 percent. This coincided with an increased willingness by lenders to extend credit including to subprime borrowers.
American bank regulators unveiled the final version of the so-called Volcker Rule, which prohibits banks from trading stocks, bonds and derivatives for their own accounts. For more, Steve Inskeep speaks to NPR's Jim Zarroli.