Oct 13 2011
WASHINGTON – U.S. Senator Bob Corker, R-Tenn., a member of the Banking, Housing and Urban Affairs Committee, made the following comments today in response to the release of a 300-page proposed regulation on the “Volcker Rule.”
“I remember Paul Volcker testifying during debate on Dodd-Frank on the proposed ‘Volcker Rule,’ and at the time I said it would be difficult to capture this idea in practice. The fact that the proposed regulation is so lengthy just underscores both the magnitude and complexity of the task of identifying a ‘prop trade.’ As we watch the banking regulatory agencies wrestle with thousands of pages of new regulations produced as a result of Dodd-Frank, including things like the ‘Volcker Rule,’ one has to wonder if our country and our financial system would be better off if banks and investment banks each just focused on what they do best, Congress moved back toward the Glass-Steagall model, and then we removed the regulators from hand-cuffing and micromanaging the financial services industry on a day-to-day basis,” said Corker.