ABA President and CEO Frank Keating is “cautiously optimistic” that the banking industry will figure out a way to make the Volcker Rule work, he said in an appearance on CNBC’s “Squawk Box” program. “Everyone knew Volcker was coming,” he said. “It’s a reality; let’s try to work it through.”
Keating expressed concern about the growing regulatory burden on banks of all sizes. “The community banks are facing 11,000 pages of proposed and final Dodd-Frank regulations,” he said. “Now, with Volcker, it’s 12,000 pages. It’s a whole new substantial regulatory regimen on the backs of the financial institutions in the United States that have to have a bottom line to compete abroad.”
Watch the interview.