AFR on Volcker: Not Tough Enough – Ben White (Politico’s Morning Money)
February 14, 2012

“Americans for Financial Reform letter on the rule: ‘There are significant positive elements in this proposed rule. But it still falls well short of fully implementing the statute. It is clear from both the legislative history and the text of the statute that in passing the Volcker Rule Congress sought fundamental change in the American financial system by restoring basic firewalls between the banking system and the capital markets. ‘In the proposed rule, the regulators have not placed the statutorily required limitations on permitted capital market activities. Instead, they have gone to some effort to preserve business as usual in important areas. This includes practices at the center of the financial crisis, such as dealing in illiquid and customized products for which no market exists and bank participation in securitizations.’ Full letter: http://bit.ly/yK2Df6”