These activities included physical settlement of derivative contracts involving certain approved commodities and spot trading of those commodities.8 A dozen financial holding companies currently have this 4(k) authority.9 In addition, a subset of these companies has been granted additional authority to engage in energy tolling and energy-management activities.
While it is not my intention to opine on specific tax or spending proposals, I would point to the importance of improving the pace of longer-run 2/3  BIS central bankers' speeches  economic growth and raising American living standards with policies aimed at improving productivity.