Critical Mass: why US Treasury swallowed unloved Volcker rule  

Bank prop trading ban drafted in a lunch break after Democrat defeat in Massachusetts

This is the second in a series of two articles focusing on the Volcker rule. The first article on efforts to reform or repeal the rule is available here.

A rumour has haunted the halls of the US Treasury building for the past seven years. It is a murky tale from the recent past, half-whispered by today’s young department staffers, unsure of its veracity and even less sure of whether they should be repeating it. 

It is a story about narrow political goals contaminating the legislative process

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