Volcker Rule Regulators Resist Lawmakers Calls to Scrap Proposal
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U.S. regulators, responding to criticism of their Volcker rule proposal, told lawmakers they will refine plans for the ban on banks’ proprietary trading while resisting calls to scrap the measure and start over.
Federal Reserve Governor Daniel Tarullo joined top officials from four other agencies in defending the 298-page rule today at a House Financial Services joint subcommittee hearing in Washington, faulting Congress for imposing complexities that led Committee Chairman Spencer Bachus to say the measure as proposed would be a “self-inflicted wound.”