Publications

A confidential staff draft of the preamble to the federal financial agencies' joint rulemaking on the Volcker Rule was "leaked" to the press earlier this week, dominating the headlines and leading to a great deal of discussion about what the document would reveal about the regulators' intentions. While the leak succeeded in creating considerable excitement among those hoping that the 205-page draft would provide insights into the approach that the financial system regulators will take in implementing the Volcker Rule, the draft itself is something of a disappointment. It provides guidance on the wide range of questions that the regulators are asking, but provides little in the way of answers.

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