CFTC's Sommers and O'Malia attack 'unworkable' Volcker rule
Republicans dismiss prop trading ban as overly complex, unworkable and unenforceable
The US Commodity Futures Trading Commission's (CFTC) version of the Volcker rule was attacked yesterday by two of the regulator's own commissioners, who characterised the agency's text as unworkable, too complex and unenforceable.
The proposals were discussed during a four-hour meeting in Washington, DC, after being approved by a three-two vote in which the two Republican-appointed commissioners voted against their Democrat-appointed colleagues.
The Volcker rule is required by section 619 of the
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