FinServ GOP Slam Volcker, Dems Open to Limited Changes
On Wednesday, the House FinServ Committee held the first in a series of hearings on the newly-finalized Volcker rule (see Client Report PROPTRADE18), focusing here on its potential impact on job creation. Chairman Hensarling (R-TX) and Rep. Garrett (R-NJ) led the charge, raising concerns over what they called a lack of adequate economic and cost-benefit analysis by regulators. Many of their GOP colleagues also focused on the community banks, applauding regulators’ approval late Tuesday of an interim final rule exempting CDOs backed by trust-preferred securities (TruPS) that were issued by banks with less than $15 billion of assets. FedFin will shortly provide an in-depth analysis of the interim rule.
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