Goldman Op-Ed Shows Need for Volcker Rule, Democrats Say

The Goldman Sachs Group Inc. employee who criticized the company’s culture in a newspaper column bolsters the case for Wall Street restrictions like the Volcker rule, congressional Democrats said.

While the March 14 New York Times opinion piece by former executive director Greg Smith drew no requests for hearings or investigations, lawmakers including Senators Carl Levin of Michigan and Jeff Merkley said the article showed why the U.S. needs tighter restrictions on Wall Street practices. The two Democrats authored the Volcker rule’s ban on proprietary trading and conflicts of interest in the Dodd-Frank Act.