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Speaking of the Volcker Rule, it’s being reported the Fed has ‘clarified’ that, they’ve decided that banks won’t have to abide by it for another 2 years. This is coming as news because apparently the actual bill of law that Congress wrote that contains the thing everyone is calling the Volcker Rule, seems to have left this part (=when it takes effect) somewhat vague. The Fed has decided: 2014. So that’s good to know hey?
The other thing being noted in this article is that the actual tangible content of this dumb-ass ‘Rule’ that Congress wrote and passed hasn’t quite been figured out yet:
The rule, one of the most contentious provisions of Dodd-Frank, takes effect on July 21, even though regulators have yet to put the finishing touches on the draft.
Well, I’m sure they’ll get around to it.
I wonder if anyone will notify Congress when this brilliant, highly-informed and necessary law that they wrote, debated and passed will take effect, and what it will consist of precisely. Surely there’s gotta be some process for that, like someone posts it to a Sharepoint site, that members of Congress can access if they wanna. Or maybe it gets sent to their emails as a PDF attachment that their assistants have set up a filter to save to a special folder called ‘Laws/Content-Timing-Implementation’, that Congressmen can later peruse at their leisure. I guess it’s not that important really.
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