Volcker calls for faster rulemaking

Author: | Published: 7 Mar 2013

Former US Federal Reserve chairman Paul Volcker has called for a financial services regulatory system with fewer regulators, faster rule implementation and better enforcement.

Many provisions of Dodd-Frank require joint rulemaking initiatives by all or some of the five major financial regulators.

The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Treasury Department, the Securities & Exchange Commission (SEC) and the Commodity Futures Trading Commission have yet to finalise the Volcker Rule, which was targeted for completion by the end of last year.

“Here we are more than two and a half years since...