Senate Banking Committee Chair Dodd doubts 'Volcker rule'

Writing specific legislation to curb bank proprietary trading would be a challenge

President Obama has asked for a bill to limit proprietary trading by banks. The so-called "Volcker Rule" would get banks out of the hedge fund and private equity business, and came as a surprise to Wall Street, which is recovering from one of the worst financial meltdowns in history.

But Sen. Christopher Dodd (D-Conn.), who is the Senate Banking Committee chairman, says that writing such a specific rule would be a challenge. A more generally written rule, though, would be more realistic, he said.

The message for Wall Street? Don't look for a resolution – your way or Obama's way – anytime soon, particularly during congressional consideration of a sweeping reform package that would significantly alter the regulatory financial landscape in America.

Read more about Dodd's concerns over the Volcker rule here.

comments powered by Disqus
Check out Futures Magazine - Polls on LockerDome on LockerDome