SEC official says Volcker rule might need to be revamped

03/6/2012 | Reuters

Dan Gallagher, a Republican member of the Securities and Exchange Commission, said a hasty approach to the Volcker rule could hinder competitiveness of U.S. banks and cause market disruptions. Gallagher said after reading thousands of comment letters that the Volcker rule might need to be reproposed. "These comments provide powerful evidence that the benefits the proposed rule was designed to provide may come at an unacceptably high cost," Gallagher said.

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