22 senators wrote a letter to five federal agencies Thursday, calling for regulators to adopt a final Volcker rule free from loopholes and Wall Street concessions.
“You have no doubt heard, as we have, from those who would like us to forget the causes of the financial crisis and forget the causes of the financial crisis,” the senators wrote. Another, similar letter is circulating in the House.
The financial industry has been attempting to delay the rule. Under the rule, banks will no longer be allowed to place speculative bets with their own money.
“The Volcker Rule is a critical protection to help ensure that such a crisis does not happen again,” the letter said. It was authored by two Democratic Senators, Carl Levin of Michigan and Jeff Merkley of Ohio.
The final comment period on the Volcker Rule ended in February, a few months after regulators introduced a second draft. The Federal Reserve, the Securities and Exchange Commission, the Federal Deposit of Insurance Corporation, the CFTC and the Office of the Comptroller of the Currency have all received letters and comments from Goldman Sachs and other big banks critical of the Rule.
Read more about the Vocker Rule.