Topic: Volcker Rule

President Barack Obama announces the passage of significant financial reforms aimed at Wall Street and the banking sector. The legislation empowers the Federal Reserve to provide oversight, addresses the $600 trillion derivatives market, and establishes the Volcker Rule to prevent risky trades by FDIC-protected banks.

Former President Bill Clinton defended his administration's record on financial deregulation, specifically the repeal of the Glass-Steagall Act. Clinton argued that the lines between commercial and investment banking were already blurred before the legislation was signed. He criticized the regulatory apparatus that followed his term for failing to oversee the derivatives market.