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