The Volcker rule will require bank executives to guarantee their firms are in compliance with the regulation, the Wall Street Journal reported today. The inclusion of so-called CEO attestation is intended to help increase accountability at firms by ensuring that top executives know what types of trades are occurring at their firms. The Volcker rule, a provision of the 2010 Dodd-Frank financial law that seeks to curb risks at banks by limiting their trading, has taken nearly five years to evolve from an idea mooted by former Federal Reserve Chairman Paul Volcker. U.S. Treasury Secretary Jack Lew referenced the need for such accountability in a speech yesterday, saying that the Volcker rule "puts in place strong compliance requirements that require those in charge of financial institutions to make sure that the 'tone at the top' sends the right signal to the whole firm."
