Frank Calls For Simpler Volcker Rule By Labor Day

Law360, New York (March 22, 2012, 4:54 PM EDT) -- With financial regulators unlikely to meet a July deadline for finalizing the Dodd-Frank Act's ban on banks' proprietary trading, Rep. Barney Frank urged them on Thursday to provide a simplified version of the Volcker Rule by the end of the summer.

Frank, a Massachusetts Democrat, also called on regulators to provide formal guidance “well in advance” of the upcoming July 21 deadline for the Volcker Rule to banks so they know what will be expected of them prior to completion of the rule.

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