Volcker Says Prop Trading Ban Proposal Is Too Complex

Law360, New York (May 9, 2012, 4:47 PM EDT) -- Former Federal Reserve Chairman Paul Volcker on Wednesday said that regulators' current proposal for the Dodd-Frank Wall Street Reform and Consumer Protection Act's ban on proprietary trading is too complex and should allow for profitable market-making activities.

In testimony before the Senate Banking Committee's subcommittee on financial institutions and consumer protection, Volcker, who first proposed the prop trading ban, said that the regulators charged with writing the rule had gone too far in the data they are asking banks to provide in order to show they...
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