CRAPO STATEMENT ON APPROVAL OF VOLCKER RULE
December 10, 2013
WASHINGTON – Senate Banking, Housing and Urban Affairs Committee Ranking Member Mike Crapo (R-Idaho) released the following statement regarding the final Volcker Rule approved by regulators today pursuant to a Dodd-Frank requirement to ban proprietary trading by banks.
“I am disappointed that the agencies chose not to re-propose the Volcker Rule before today’s final vote,” said Crapo. “The rulemaking process surrounding this extremely complex rule lacked transparency and meaningful, robust economic analysis. Unfortunately, calls for a re-proposal were ignored and the final rule fails to provide requisite certainty for the markets.”