Top Dem Wants Crackdown On Banks' Commodities Activities

Law360, New York (July 24, 2013, 5:32 PM EDT) -- A leading U.S. Senate Democrat on Wednesday urged federal regulators and lawmakers to curb the growing control of physical commodities by the nation's largest banks, claiming it's driving up costs for U.S. manufacturers and consumers and exposing the banks to additional financial risks.

Fresh off holding a Senate Banking Committee hearing that examined whether banks should be allowed to own physical commodities such as energy and metals and their related infrastructure, Sen. Sherrod Brown, D-Ohio, said Wall Street's control of the supply of both commodities and...
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