We appreciate regulators’ earnest attempts to develop workable regulations for a rule that’s ultimately unworkable in the U.S. marketplace. Unfortunately, the Volcker Rule will still make it too hard in too many cases for bankers to provide services that many bank customers rely upon every day, posing no risk to the financial system.
The exceptionally elusive task of defining, disentangling and dissecting permissible from prohibited activities surely posed a monumental challenge for regulators, but that challenge will be revisited tenfold upon bank customers and on the bankers who must comply with this enormous, highly complex and burdensome rule.
We will continue to work through the many details of this rule that can have a profound impact on banks and their customers.
Read Keating's full statement.