Lucius Fox

Chief Executive Officer of Wayne Enterprises

Douglas J. Elliott, Fellow, Economic StudiesInitiative on Business and Public Policy

House Financial Services Committee

"Thank you for the opportunity to testify today on the Volcker Rule. I should note that while I am a Fellow at the Brookings Institution, my testimony today is solely on my own behalf, as Brookings does not normally take policy positions as an institution.
As I will explain, I believe that the Volcker Rule is fundamentally flawed and will do considerably more harm than good for the economy. I base this on two decades on Wall Street as well as on the years I have spent examining federal policy towards financial institutions at Brookings and earlier at another think tank. Despite being a former banker, my views on the Volcker Rule do not stem from opposition to the Dodd-Frank reforms. Indeed, I am on record as a strong supporter of the overall approach of that legislation, although there are certainly things I would have preferred to see done differently.”

Posted at 11:34am and tagged with: U.S. Financial Market Regulation, U.S. Economy, Banking, Financial Markets, Financial Institutions, The Volcker Rule, United States, Economy,.

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