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House Lawmakers Fault SEC on Volcker
The Wall Street Journal (online registration required): WASHINGTON–Two key House Republicans said U.S. securities regulators violated federal law by approving the Volcker Rule without a detailed analysis of its economic consequences.
House Financial Services Committee Chairman Jeb Hensarling (R., Texas) and Rep. Scott Garrett (R., N.J.) wrote Securities and Exchange Commission Chairman Mary Jo White for an explanation. They cited a recent judicial ruling saying the agency has an obligation to assess the impact of its rules’ on market “efficiency, competition and capital formation.”
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