Geithner Says Volcker Won't Hurt Sovereign Debt Trades

Law360, New York (March 20, 2012, 1:46 PM EDT) -- Treasury Secretary Timothy Geithner told Congress on Tuesday that he did not believe a proposed ban on banks' proprietary trading would harm sovereign debt markets, but that U.S. regulators would fix the proposal if necessary.

In testimony before the House Financial Services Committee, Geithner said he understood concerns that have been raised from central bankers in Europe, Japan and Canada that the so-called Volcker Rule would stop U.S. banks from buying and selling European sovereign bonds for customers and cut liquidity in those markets. But he...
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