Bortezomib in Treating Patients With Newly Diagnosed Multiple Myeloma

Inclusion Criteria:

* Patients must not have received prior myeloma specific therapy (chemotherapy, radiotherapy, or biologic therapy) other than bisphosphonate therapy

  * Patients may have received radiation of plasmacytoma (for example, solitary plasmacytoma); the last such treatment must have occurred \>= 4 weeks prior to registration
* Patients must be recently diagnosed with symptomatic multiple myeloma confirmed by meeting one or more of the following criteria (obtained =\< 30 days prior to registration):

  * NOTE: serum protein electrophoresis (SPEP), urine protein electrophoresis (UPEP) and marrow biopsy all must be done at baseline in order to evaluate response

    * Monoclonal protein in the serum \>= 1 g/dl (measurable disease), or
    * Monoclonal light chain in the urine protein electrophoresis \>= 200 mg/24 hours (measurable disease), or
    * Bone marrow plasmacytosis \>= 30% without either of the values in above (evaluable disease)
* Patients must meet one or more of the following (all tests must be been drawn =\< 30 days prior to registration but all results are not required to be available at time of registration as long as at least one of the following criteria has been met; if patient is otherwise eligible, plasma cell labeling index \[PCLI\] is not required, but is requested):

  * Beta-2 microglobulin \>= 5.5 mcg/mL, or
  * PCLI \>= 1, or
  * Deletion 13 by cytogenetics
* Platelet count \>= 20,000/mm\^3, with or without transfusion support
* Hemoglobin \>= 7.0 g/dL, with or without transfusion support
* Absolute neutrophil count (ANC) \>= 500/mm\^3 without growth factor support
* Direct bilirubin within =\< 1.5 x upper normal limits (UNL)
* Alkaline phosphatase =\< 2.5 x UNL
* Aspartate aminotransferase (AST) =\< 2.5 x UNL
* Calculated or measured creatinine clearance \>= 20 mL/minute
* Eastern Cooperative Oncology Group (ECOG) performance status (PS) 0, 1, or 2; exception: PS = 3 if secondary to acute bone event (fracture)
* Patients may not receive concurrent chemotherapy, radiotherapy or biologic therapy while on study; the exception for corticosteroids is made for those taking chronic corticosteroids for disorders other than myeloma, such as rheumatoid arthritis, adrenal insufficiency, etc.

  * NOTE: Bisphosphonates are considered to be supportive care rather than therapy, and are thus allowed while on protocol treatment
* Patients must not have a history of allergic reaction attributable to compounds containing boron or mannitol
* Patient must not have a peripheral neuropathy \> grade 1, as defined by the National Cancer Institute (NCI) Common Terminology Criteria for Adverse Events (CTCAE version 3.0):

  * Grade 2: Objective sensory (or motor) loss or paresthesia (including tingling), interfering with function, but not interfering with activities of daily living (ADL)
  * Grade 3: Sensory (or motor) loss or paresthesia interfering with ADL
  * Grade 4: Permanent sensory (or motor) loss that interferes with function
* Patient must be capable of understanding the investigational nature, potential risks and benefits of the study
* Patient must have adequate cardiac function; patient must not have:

  * History of a myocardial infarction within 6 months of enrollment
  * New York Heart Association (NYHA) class III or IV heart failure
  * Uncontrolled angina or electrocardiographic evidence of acute ischemia
  * Severe uncontrolled ventricular arrhythmias or electrocardiographic evidence of active conduction system abnormalities
  * Cardiac amyloidosis
* Patient must not have any other serious medical or psychiatric illness that could potentially interfere with the completion of treatment according to this protocol
* Patient must not have poorly controlled hypertension
* Women must not be pregnant or breast feeding; all females of childbearing potential must have a blood test or urine study within 7 days prior to registration to rule out pregnancy
* Women of childbearing potential and sexually active males must be strongly advised to use an accepted and effective method of contraception