Senators say Fed's bank commodity proposal is too timid

01/16/2014 | Bloomberg · Reuters

Senate Democrats criticized the Federal Reserve's proposal to restrict banks' role in physical-commodity markets. Sens. Sherrod Brown, D-Ohio, and Elizabeth Warren, D-Mass., said the proposal fails to do enough. "The Fed's proposal [Tuesday] is a timid step, it was too slow in coming, and there is still too much that we do not know about these activities and investments," Brown said. The Fed said JPMorgan Chase has been given an "ultimate time limit" for divesting its warehousing division.

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