Press Releases

Barney Frank’s Statement Regarding the Federal Reserve’s Guidance on the Volcker Rule

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Washington, DC, April 19, 2012 | comments

Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement about the announcement by the Federal Reserve Board concerning implementation of the Volcker Rule.

The guidance issued today by the Federal Reserve regarding the Volker Rule is an appropriate and reasoned approach to the implementation of this important provision.  As the statute requires, the Board’s position gives the affected institutions time to come into compliance, without any retreat from the application of the basic principle.  The two-year period during which the banks will have to come into compliance with the rule will allow a reasonable time for them to make their necessary changes, and will give the regulators the chance to deal with any particular issues that arise from the experience of implementation.

While this guidance relieves the pressure to adopt a rule on July 21st, it is obviously still important for the Board to propose a final rule quickly, and I am confident that they are seeking to do so. 

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