U.S. Congressman Marlin Stutzman, a member of the Financial Services Committee, issued the following statement Tuesday after regulators issued a final version of the “Volcker Rule.”
“Today, central planners in the federal government proved that Washington’s vast bureaucracy never wastes a crisis. Regulators are prohibiting banking practices that even former Chairman Volcker admits did not create the financial crisis.
“While Washington issues regulations in search of a disaster, red tape makes it harder for consumers and businesses to access credit. This massive new burden does nothing to put Americans back to work, help small businesses access capital, or prevent another financial crisis.
“Anyone who believes the Volcker Rule’s new maze of regulations can be implemented without a wave of unintended consequences probably still thinks they can keep their health plan.”
On Tuesday, Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Commodity Futures Trading Commission, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission approved complex and sweeping regulations, commonly known as the “Volcker Rule” to prevent trades in which banks risk their own capital in the purchase and sale of securities.