Frank calls for strict Volcker rule but lenient initial enforcement

11/26/2013 | Financial-Planning.com

Barney Frank, former chairman of the House Financial Services Committee, says tighter standards are needed under the Volcker rule. However, he says regulators should be lenient on first-time offenders. "The first time an institution does something that their own regulator believes is in violation of the Volcker rule, the response should be, 'Don't do that again,' " Frank said. "No penalty."

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