Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement today on yesterday’s approval by five federal regulatory agencies of a finalized “Volcker Rule,” which bans most forms of proprietary trading by federally-insured banks:
“Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act to bring stability, accountability, and transparency to our financial system – and to prevent another financial crisis that costs millions of Americans their jobs, pensions, and savings.
“The final ‘Volcker Rule’ is an essential step forward in the implementation of this landmark law and goes a long way to rein in excessive speculation and risk-taking by some on Wall Street.
“Adoption of a final rule marks a watershed moment in advancing the tough, commonsense steps of Wall Street reform. As we move forward, we will keep a close eye on the implementation of this rule to ensure it upholds the spirit and intent of the law, and places the interests of taxpayers first.”