Volcker Rule Should Be Simple to Do


Wall Street Journal

Your editorial “So Much for the Volcker Rule” (Oct. 24) mocking regulator confusion and uncertainty relating to the Volcker Rule is shared by the minority community. We have paid such a heavy price over the last few years due to lack of regulatory certainty and enforcement.

On Oct. 21, we became the first Main Street groups to file criticisms with the federal regulatory agencies on the problems that they have created in attempting to interpret and eventually enforce the Volcker Rule, through 298 pages of commentary. We contend that any document a thousand times longer than either the Gettysburg Address or the Ten Commandments is suspect on its face. We concur with your analysis that effective Volcker Rule enforcement will require high bank-capital standards and that the essence of the problem may be too-big-to-fail banks. This includes the top 10 that control more than 60% of all FDIC-insured deposits.

Perhaps it is time to give priority to Mr. Volcker’s original and relatively simple three-page letter to the president on the elimination of risky activities by too-big-to-fail banks.

Len Canty


Black Economic Council

Oakland, Calif.

Jorge Corralejo


Latino Business Chamber

of Greater Los Angeles

Los Angeles

Faith Bautista

President and CEO

National Asian American Coalition


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