Regulators “don’t give a damn” about Volcker impact, claim Republicans

A bad-tempered congressional committee hearing sees US regulators quizzed over Volcker rule costs


US regulators did not conduct a formal cost-benefit analysis in considering the Volcker rule, the chairman of the Securities and Exchange Commission (SEC) admitted yesterday, arguing the proprietary trading ban was promulgated under a statute that did not require an analysis of its impact.

In heated exchanges during a House Committee on Financial Services hearing in Washington, DC, Republican congressmen repeatedly asked regulators why no analysis of the costs and benefits of the proprietary

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