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The Wall Street Journal: Fed asks Congress to limit bank commodity activities

Bloomberg

Regulators want banks out of the physical commodities business.

Two U.S. financial regulators on Thursday made a significant push to impose new limits on banks’ commodity-market activities, which have been under scrutiny for years.

The Federal Reserve asked Congress to repeal banks’ authority to make a range of investments in nonfinancial businesses, saying the businesses put the firms’ safety and soundness at risk.

Separately, the Office of the Comptroller of the Currency, which regulates federally chartered national banks, proposed to prevent national banks from dealing or investing in metals such as copper. That reversed a previous regulatory policy that had allowed copper trading.

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