Mr. Volcker Calls His New Rule 'Complicated'
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Former Fed Chairman Paul Volcker, discussing the new Volker rule at a university in Singapore Wednesday, called the rule “much more complicated than I would like to see.”
Volcker said the rule was originally designed to prevent American banks from using their own money to back private equity and hedge funds or make large bets. While Volcker believes the 300-page proposed version of the new rule does indeed do this, he also argues the measure says much more.
The new Volcker rule is expected to take effect sometime next year.
Volcker said the rule was originally designed to prevent American banks from using their own money to back private equity and hedge funds or make large bets. While Volcker believes the 300-page proposed version of the new rule does indeed do this, he also argues the measure says much more.
The new Volcker rule is expected to take effect sometime next year.
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