Could the Volcker Rule get erased before it’s fully written?
In a strongly worded letter to the five regulators tasked with writing the much-maligned rule that places limits on banks’ trading abilities, the House Financial Services Committee urged transparency during the rulemaking process — or the right for Congress to amend or repeal the outcome. (Read More:No Volker Rule Until 2013: Sources.)
In the letter — sent Thursday morning to regulators and obtained by CNBC — the committee’s ranking Republicans Reps. Spencer Bachus, R-Ala., and Jeb Hensarling, R-Texas, challenged the amount of time that has passed since regulators made public the most recent draft of the rule.
“The resulting confusion has only made it that much more likely that whatever final rule you issue will compound the regulatory uncertainty that continue to plague our economy,” Reps. Bachus and Hensarling wrote.