Five US trade bodies have warned the Fed over tough curbs on banks owning commodity assets
Five trade bodies representing the world’s top
banks have slammed tough new US plans to ban banks from owning
physical commodities businesses, writes Joe
The collectives have written to the Federal Reserve arguing
that banks’ participation in the commodities
market is beneficial to the Main Street economy, an argument
that contradicts opinions from US lawmakers.
The associations include the Securities Industry &
Financial Markets Association (SIFMA), the American Bankers
Association (ABA), the Financial Services Forum (FSF),
Financial Services Roundtable (FSR) and the Institute of
International Bankers (IIB).
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