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Letter to Clients on 02/13/2012: Commentary on the Volcker Rule
On July 21, 2010 President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act. It represents the most comprehensive and sweeping financial regulatory reform measures taken since the Great Depression. The Volcker Rule (proposed by former Federal Reserve Chairman Paul Volcker) is a specific section of the Dodd-Frank Act that prohibits a bank, or institution that owns a bank, from engaging in proprietary trading that may not be in the best interests of its clients, and from owning or investing in a hedge fund or private equity fund, as well as limiting the liabilities that the largest banks can hold. This will help to draw a clear distinction between commercial banks and investment banks.
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