Fed’s Powell joins chorus of Volcker rule critics

Governor seeks to simplify rule banning prop trading

Federal Reserve governor Jerome Powell

Another senior US prudential regulator has condemned the Volcker rule as too punitive and overly complex.

“It’s just too complicated, it’s too burdensome, and we need to take another look at it,” Federal Reserve governor Jerome Powell said at an industry conference in Washington, DC earlier today (April 20). “Congress should take another look at the scope of the rule, and we as regulators should take a look at the way the rule has been implemented and try to do it in a simpler, more effective w