Rep. Spencer Bachus, R-Ala., sent a comment letter to the Financial Stability Oversight Council this week saying that the "Volcker rule" will reduce profit at major banks and undermine the competitiveness of U.S. financial institutions. "Depending on how U.S. regulators choose to implement it, the Volcker rule may spark a mass exodus of clients from U.S. banks to banks based abroad," wrote Mr. Bachus, who is in line to become chairman of the House Financial Services Committee.

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