US Regulators Defend Volcker Rule Efforts

Law360, New York (January 18, 2012, 9:19 PM EST) -- Federal regulators accused of muddying a proposed rule to restrict major banks' proprietary trading activities defended their efforts to implement the financial reform and stressed the importance of public input during a House panel hearing on Wednesday.

“I think our goal, certainly at the Federal Reserve but of all the regulators, is to implement the Volcker Rule in a manner that's faithful to the language of the statute, but in a manner that maximizes financial stability and other social benefits at the least cost to credit...
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