WASHINGTON House Republicans continued their attacks on the Volcker Rule Thursday, arguing it was unnecessary and overly complex just a day after Federal Reserve Board Chairman Ben Bernanke signaled regulators were close to finalizing it.
"The Volcker rule is designed to prevent proprietary trading by banks. But no one, not even Paul Volcker himself, argues that proprietary trading was a cause of the financial crisis," Financial Services Committee Chairman Spencer Bachus said at a hearing devoted to the issue. "The Volcker rule sticks out as an oddly considered afterthought a solution in search of a problem."
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