Volcker speaks

One of the concessions made to the finance industry in the just-passed budget is the postponement of the Volcker rule until 2017. The rule, which is named after a former Fed chief, Paul Volcker, tries to reduce banks' risks through limitations on fund ownership and proprietary trading.  Dodd Frank was passed in 2010 and the rule has yet to be implemented. Volcker's comment: “It is striking, that the world's leading investment bankers, noted for their cleverness and agility in advising clients on how to restructure companies and even industries, however complicated, apparently can't manage the orderly reorganization of their own activities in more than five years.”