Volcker Rule Won't Work Without More Bank Info: GAO

Law360, New York (July 14, 2011, 3:41 PM EDT) -- A U.S. Government Accountability Office report warned banking and securities regulators Wednesday that it will be difficult to enforce the so-called Volcker rule, casting doubt on a key piece of financial reform that sought to restrict banks from engaging in certain proprietary trading activities.

The GAO found that while it was possible to measure the trading activities of stand-alone proprietary trading desks at the six largest bank-holding companies in the U.S., it was nearly impossible to collect information on their other proprietary trading activities because the...
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