In a recent speech held in New York City, Finance Minister Joe Oliver announced his concern with the upcoming U.S. bank reforms and the effect this implementation will have on Canadian government debt. Oliver argued the Volcker Rule, which forbids banks from engaging in proprietary trading, violates terms of the North American Free Trade Agreement.
Associate Professor Michael King weighed in on the issue. He told CBC News the U.S. bank reforms will have little impact and Oliver’s concerns are exaggerated.
“With fewer people making markets it will marginally increase the cost … but it seems to me this is more political statement,” said King. “I'm not a lawyer but as a finance practitioner I don't think Oliver has a good case here.”
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