Bernanke Says Volcker Rule Won't Be Ready In July

Law360, New York (February 29, 2012, 5:53 PM ET) -- Federal Reserve Chairman Ben S. Bernanke said Wednesday that regulators would not be able to finalize work on the Volcker Rule limiting banks' proprietary trading by a July deadline established by Congress, which could open the door to substantial changes to the original draft.

In testimony before the House Financial Services Committee, Bernanke said the five federal financial regulatory agencies charged with writing the rule, named after former Fed Chairman Paul Volcker, had been inundated with comments and would be unable to get through many of...
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