The Federal Reserve Board of Governors met to consider bank enforcement actions for the first time since November 2010, after Chair Janet Yellen pledged to Senator Elizabeth Warren in February to step up the board’s involvement in bank supervisory and regulatory matters.
Banking-industry groups urged the Federal Reserve not to write new rules restricting their involvement in physical commodity businesses, arguing that the benefits they provide outweigh risks highlighted by lawmakers.
U.S. banks including Goldman Sachs Group Inc. should be banned from owning commodities businesses because they could threaten the institutions and global supply chains, Senators Sherrod Brown and Elizabeth Warren told the Federal Reserve.
Senators Sherrod Brown and Elizabeth Warren urged the Federal Reserve to bar banks from owning physical commodity assets, saying the holdings expose financial holding companies to “unprecedented and unmanageable financial, legal, environmental, and reputational risks.”
The reason Gus Christensen looks like an investment banker is that he was one until four months ago. A handshake reveals a shirt monogram over the wrist, an Omega watch and lapis cuff links he got on a JPMorgan Chase & Co. trip to Chile.