Volcker rule will not be ready for July, Fed chair admits

US Federal Reserve chairman Ben Bernanke

The Volcker rule will not be ready for its congressionally mandated start date of July 21, chair of the US Federal Reserve Ben Bernanke has said.

"I don't think it will be ready for July," he told a House Financial Services Committee hearing on February 29. "Just a few weeks ago, we closed the comment period. We have about 17,000 comments, we have a lot of difficult issues to go through."

When asked when it would be ready, Bernanke said he did not yet know.

Doubts as to the implementation date

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