Volcker Rule Conflict Provisions Not ‘Tough Enough,’ Levin Says – Phil Mattingly (Bloomberg)
November 9, 2011

“Volcker rule language aimed at limiting conflicts of interest between U.S. banks and their clients is ‘not nearly tough enough,’ Senator Carl Levin said. Levin, a Michigan Democrat who helped draft the Dodd-Frank Act ban on proprietary trading for deposit-taking banks, said today that provisions released by federal regulators last month calling for disclosures to ‘permit’ clients to understand a divergence in interests don’t adequately address the problem.  ‘It’s not nearly tough enough for me,’ Levin, the chairman of the Senate’s Permanent Subcommittee on Investigations, said at an Americans for Financial Reform conference in Washington. ‘It wouldn’t be sufficient to ‘permit’ — it should be much stronger language than that.’” Click here for more.