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Fed: Get Goldman, Morgan Stanley out of commodities business

Posted on 09 September 2016

The Federal Reserve recommended Thursday that Congress act to get megabanks Goldman Sachs and Morgan Stanley out of the business of managing physical commodities and more generally to eliminate the practice of “merchant banking” in which banks invest or outright own nonfinancial firms.
In a report mandated by the 2010 Dodd-Frank financial reform law, the agency officially called on Congress to repeal the wrinkle in the law that allows just two banks, Goldman Sachs and Morgan Stanley, to store, transport and extract commodities, saying that those practices raise “safety and soundness concerns as well as competitive issues.”……………………………………….Full Article: Source


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