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Volcker Bank Rule Takes Effect

Former Chairman of the Federal Reserve Paul Volcker, visits FOX Business Network's "CAVUTO: Coast To Coast" at FOX Studios on June 17, 2015 in New York City.  (Monica Schipper/Getty Images)
Former Chairman of the Federal Reserve Paul Volcker, visits FOX Business Network's "CAVUTO: Coast To Coast" at FOX Studios on June 17, 2015 in New York City. (Monica Schipper/Getty Images)

Starting today, Wall Street banks have to comply with the Volcker Rule, considered one of the biggest new restriction they’ve faced in decades.

The rule bans taxpayer-insured banks from making bets on their own money, and banks fought it for years. But many have since fallen in line.

Here & Now‘s Jeremy Hobson takes a look at what the move will mean with Maggie Lake of CNN.

Guest

  • Maggie Lake, business reporter for CNN. She tweets @maggielake.
  • Copyright 2021 NPR. To see more, visit https://www.npr.org.

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    Federal funding is gone.

    Congress has eliminated all funding for public media.

    That means $2.1 million per year that Connecticut Public relied on to deliver you news, information, and entertainment programs you enjoyed is gone.

    The future of public media is in your hands.

    All donations are appreciated, but we ask in this moment you consider starting a monthly gift as a Sustainer to help replace what’s been lost.