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Goldman May Abandon Bank Charter

Goldman Sachs takes steps to evade the U.S. government’s proposed pay rules.

Goldman Sachs may drop its commercial banking charter to evade the U.S. government’s proposed pay rules, Reuters reports. If the bank sheds its New York banking charter, it will give up the support of the Federal Reserve in exchange for lighter regulation.

Regulators might force Goldman to stay in the banking system. The Fed is planning new rules to limit pay packages in to curb excessive risk-taking.

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