Barney Frank, one of the architects of the Dodd-Frank Act, called Friday for both stringent standards and lenient enforcement around the financial reform law's much-watched Volcker Rule.

The provision, once finalized, "will be tougher than many of the people in this room would like to see, but I do not think it will interfere with the function of the economy," said Frank, the former chairman of the House Financial Services Committee, who retired from Congress last year.

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