Paul Volcker says Volcker rule too complicated
SINGAPORE | Wed Nov 9, 2011 7:52am EST
(Reuters) – The Volcker rule is too long and complicated and financial lobbyists are to blame, said the man who gave his name to the new regulation on bank trading.
“It’s much more complicated than I would like to see,” said Paul Volcker during a university talk in Singapore on Wednesday.
The Volcker rule is meant to prevent American banks from making big bets on markets with their own money or from backing private equity and hedge funds.
The 300-page proposed version of the rule, due to come into force next year, was released by the Federal Deposit Insurance Corp and other federal regulators last month.
Volcker, former chairman of the U.S. Federal Reserve, said lobbying by the financial industry had made the proposed regulation much more complex than it needed to be.
“There is no set of lobbyists in the United States bigger, more important and more rewarded than the financial lobbyists,” he said.
http://www.reuters.com/article/2011/11/09/us-regulation-volcker-idUSTRE7A83KN20111109
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