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.”