Philip McBride Johnson gives his take on the Volcker Rule, which was agreed by regulators last week.
Consuming nearly 1,000 pages of regulations and explanatory
materials, the Volcker Rule is now the law. Its purpose is to
curb speculative investments using their own money by
depository banks that enjoy Federal Deposit Insurance
Corporation backing in the event of insolvency. Fine, but it
has its critics, not only among affected banks but by people
who think it does not go far enough.
I fall vaguely in the latter camp, being cautious about so
complex an issue and less well versed than the authoring
regulatory agencies in the intricacies of the banking world.
Thus, liberated from the shackles of expertise, here is my
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