Volcker Rule Has Too Many Holes, Fed Governor Says

Law360, New York (July 24, 2012, 6:24 PM EDT) -- Proposed exceptions to the so-called Volcker Rule banning most forms of proprietary trading — a key prong of the Dodd-Frank Act — will prevent the rule from sufficiently protecting the U.S. financial system and leave it open to abuse, a Federal Reserve governor said Monday.

In a speech at the University of Colorado's Graduate School of Banking, Fed Governor Sarah Bloom Raskin said she dissented in the vote approving the central bank's proposed implementation of the Volcker Rule, likening it to guardrails that aren't set close...
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