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Groups express concern with Volcker Rule

What do Caterpillar, Safeway, Boeing, and Macy’s have in common?  They all believe enactment of the Volcker Rule, the ban on proprietary trading under the Dodd-Frank Act, will have a negative impact on their businesses and the economy as a whole. 

The aforementioned companies are among 27 other cross-sector businesses who expressed their concerns with the current state of the Volcker rule in a letter to the nation’s top regulators.  The group argues that “the Volcker Rule will have far-reaching negative consequences that will impede our ability to raise capital and manage risk.”  The letter goes on to state “because these consequences may negatively impact business growth and job creation we strongly urge you to thoroughly evaluate the impact of additional regulation on American businesses and the broader economy and not move forward with the implementation of the Volcker Rule in its current form.”

While the comment period for the Volcker Rule has ended, it is important for those regulators charged with implementation of this rule to consider these thoughts and any and all unintended consequences that will hurt American businesses, the true drivers of job creation and economic growth.

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The Financial Services Forum is a non-partisan financial and economic policy organization comprising the CEOs of 18 of the largest and most diversified financial services institutions doing business in the United States.

The purpose of the Forum is to pursue policies that encourage savings and investment, promote an open and competitive global marketplace, and ensure the opportunity of people everywhere to participate fully and productively in the 21st-century global economy.

Welcome to ForumBlog. This is where our policy team analyzes the latest proposals, ideas, and news surrounding financial sector regulatory reform, trade, and the economy. Our goal is to provide thoughtful insights on the issues impacting the intersection of Wall Street and Washington, as we pursue policies that encourage savings and investment, promote an open and competitive global marketplace, and ensure the opportunity of people everywhere to participate fully and productively in the 21st-century global economy.