Major components of financial-reform legislation are taking shape, with the Obama administration relaxing its insistance on a stand-alone consumer protection agency and the “Volker Rule” allowing regulators to bar banks from risky investments losing support. Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, said cutting the “Volker Rule” is a loss.
“Grafting this complex proposal onto the Administration’s plan at the eleventh hour was overly ambitious. Half-hearted efforts by a Wall Street-enamored Treasury Department and White House economists ensured Chairman Volcker’s very credible proposal would never receive a fair hearing.”
Contact Cornelius Hurley, 617-353-5427, firstname.lastname@example.org