Gillibrand Enters Volcker Rule Fray – Ben Protess (DealBook/NYT)
January 26, 2012

“The Obama administration’s effort to crackdown on banks placing risky wagers with their own money has met Republican opposition. Now a Democrat from New York State has also questioned the overhaul, known as the Volcker Rule. Senator Kirsten E. Gillibrand, whose constituents include Wall Street banks, urged regulators this week to clarify how they would enforce the rule. While there have been some rumblings among House Democrats about the controversial plan, including concerns that it goes too soft on Wall Street, Ms. Gillibrand is the most prominent lawmaker yet to wade into the debate. … ‘It is specious to the point of misleading to suggest that the needs for liquidity currently provided by banks will not be filled,’ Wallace Turbeville, who represented Americans for Financial Reform, a nonprofit group that favors new restrictions on Wall Street risk-taking, told a Congressional committee this month.” Click here for more.