FED: Fed Gov.

FED: Fed Gov. Raskin speaking in Colorado on banking regulation. Calls proprietary trading "an activity of low or no real economic value that should not be part of any banking model that has an implicit government backstop." Says current exemptions in proposed Volcker Rule could have costs that outweigh any benefits. Says the proposed regulation's guard rails were insufficient and concerned concerned that the guard rails as crafted could be subject to significant abuse. Says JPMorgan trading losses and LIBOR-rigging are examples that "low-road business models" still persist. More on MNI Main Wire.