Former Treasury secretaries urge Congress to pass "Volcker rule"

02/22/2010 | Bloomberg · Wall Street Journal, The

In a letter to The Wall Street Journal, five former secretaries of the Treasury Department call on Congress to implement restrictions on the size and trading activities of banks, known as the "Volcker rule." John Snow, Nicholas Brady, Paul O'Neill, George Shultz and W. Michael Blumenthal assert that banks that receive aid from the Federal Reserve and the Federal Deposit Insurance Corp. "should not engage in essentially speculative activity unrelated to essential bank services."

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Bloomberg · Wall Street Journal, The

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