“Echoing Volcker himself, Americans for Financial Reform said the rule is aimed ‘precisely’ at the problems Smith alleges, and should provide fighting power from a lobby movement to soften the rule. ‘It is crucial that regulators are not intimidated or overwhelmed by this well-funded effort, but instead move ahead to implement the Volcker Rule that Congress intended – a strong rule that truly changes the toxic culture of proprietary trading,’ the group said in a statement. ‘Smith’s statement today, along with the mountains of evidence from the financial crisis, demonstrates yet again how much we need a Volcker Rule that works.’”