volcker rule

VICTORY: JPMorgan Loophole Defeated

In 2010, progressive champions in the Senate, including Senator Jeff Merkley of Oregon, fought to pass the Volcker Rule firewall, which restricts high-risk trading by big banks. The firewall, which is meant to protect taxpayers if Wall Street’s bad bets blow up, was met with opposition from big bank lobbyists. That’s why Sen. Merkley started a MoveOn Petition telling Federal Reserve Chairman Ben Bernanke to keep the so-called “JPMorgan Loophole,” which would blow holes in the firewall, out of the law.

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