USA TOAY: …Bankers, lawyers and consultants met with regulators in nine sessions at the Securities and Exchange Commission (SEC) and other regulatory offices around the Capitol, voicing concern the provision would unduly restrict the industry.
The push back succeeded. The “Volcker Rule,” named after former Federal Reserve chairman Paul Volcker, remains unfinished and long behind schedule today.
Its status epitomizes the delayed work-in-progress condition of much of the landmark Dodd-Frank Wall Street Reform and Consumer Act, a sweeping measure that was supposed to turn the lessons of the 2008 financial crisis into law and prevent another devastating recurrence. About two-thirds of the package’s rule-making deadlines have been missed as its third anniversary nears in July… (more)
