- Gentlemen, start your drones: Judge’s ruling opens door for commercial use
- Soldier who hid, bragged about not saluting flag to be punished — in secret
- ‘Maverick’ of the seas: ‘Top Gun’ school for U.S. ship officers to launch
- Putin declares Sochi Paralympics open amid Ukrainian protest
- ‘In Jesus name, we pray’ sparks ire at Ohio council meeting
- Navy’s first laser weapon ready for prime time; drone killer to deploy this summer
- Billionaire backer: Rick Santorum ‘needs to be heard’ in 2016
- Obamacare fallout: 49 percent pessimistic; 45 percent ‘scared’
- DHS accused of holding U.S. citizen at airport, using emails to pry into her sex life
- Seattle socialist: Minimum-wage discussion skewed by ‘right-wing’ GAO analysis
Volcker defends ban on proprietary trading
Former Federal Reserve Chairman Paul Volcker on Monday issued a broad defense of a federal rule bearing his name that would prohibit banks from trading for their own profit.
Commercial banks backed by government deposit insurance shouldn’t be able to engage in speculative trading, Mr. Volcker said in a letter supporting the so-called Volcker rule.
“Proprietary trading is not an essential commercial bank service that justifies taxpayer support,” he wrote.
The letter was sent to the five regulatory agencies that have approved a draft version of the rule, including the Federal Reserve and the Securities and Exchange Commission.
The rule is expected to be finalized by summer. Banks will then have until July 2014 to comply.
U.S. probes door fires in TrailBlazers
DETROIT | Federal safety regulators are investigating fires in the driver’s side doors of Chevy TrailBlazers, the second such probe in a week.
The latest inquiry involves more than 309,000 TrailBlazer SUVs from the 2006 and 2007 model years. The fires began in the power window switch or related electrical parts, the National Highway Traffic Safety Administration said Monday.
The agency opened the first probe last week into similar problems with the 2007 Toyota Camry sedan and RAV4 small crossover SUV. The TrailBlazer investigation began Thursday.
All three of the vehicles under investigation are popular. None has been recalled.
Europe approves Google’s $12.5B Motorola Mobility deal
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
TWT Video Picks
Taxpayers must pay the freight for over-budget train projects
- Kim Jong-un calls for execution of 33 Christians
- Rand Paul wins 2014 CPAC straw poll, Ted Cruz finishes a distant second
- Bill Clinton cashes in on struggling nonprofit hospital
- Vietnam says it may have found door of missing Malaysian jet as intel look into stolen passports
- CPAC 2014 straw poll results
- Bill Clinton poses for photo with Bunny Ranch prostitutes
- PIPES: Islam's inadvertent adverse effects on adherents
- CARSON: Why did the founders give us the Second Amendment?
- Italy outraged over U.S. gun dealer's 'David' ad
- WEBER: Obamacare cuts home healthcare for millions of seniors
Pope Francis meets his 'mini-me'
Celebrity deaths in 2014
Winter storm hits states — again