New York Times Reports That At Volcker Rule Deadline There Is A Strong Pushback From Wall St

The New York TImes reports that the scope of the Wall Street pushback reflects the complexity of the Volcker Rule. The draft rule that regulators unveiled last October spans about 300 pages and poses some 1,300 questions for the public to address. On the deadline to comment on the draft proposal, regulators in charge of writing the Volcker Rule received more than 200 letters, including from the rule's namesake Paul A. Volcker, the former Federal Reserve chairman, who submitted a strongly worded defense of the rule's intent. Further, Wall Street's largest banks even submitted their own comment letters, taking an unusually aggressive stances that underscored the importance of the issue.

Originally Published: 
13/02/2012