A number of former top officials from across the gamut of US
financial regulation expressed their delight at recent steps to
simplify certain parts of the Volcker rule. The changes
addressed amendments to rules governing proprietary trading for
institutions falling under certain thresholds. Consensus was
that the practice did not cause the last financial crisis and
that the 900-page rule had gone too far in its attempts to curb
"Proprietary trading didn't cause the crisis, the Volcker
rule is – in some ways unnecessarily – way
over-designed. We are optimistic, we passed a piece of banking
regulation that exempted many firms from the rule altogether,"
said Craig Phillips, previously Counselor to the Secretary of
the Treasury under Steve Mnuchin, told delegates at the SIFMA
Annual Conference in DC this week.
"Not as many firms as we would have liked, but it exempted a
large number of banks from the rule," he...