U.S. rejects Canada's claim that Volcker rule violates NAFTA

May 14, 2015 4:16 PM

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NEW YORK May 14 The White House has dismissed the Canadian government's claim that a ban on some proprietary trading on Wall Street violates a free-trade agreement, saying it has the legal right to protect its financial system.

The U.S. response came after Canadian Finance Minister Joe Oliver said on Wednesday that the so-called Volcker rule's ban on U.S. banks' use of their own money to trade Canadian government bonds probably did not comply with the North American Free Trade Agreement.

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