Paul Volcker said he isn’t worried that the Trump administration will undermine the financial rule that bears his name, Bloomberg News reported yesterday. “The basic principle remains valid,” Volcker said. “I hope that won’t go away, and I expect that it won’t.” The Volcker Rule, part of the 2010 Dodd-Frank Act, restricts trading by banks to ensure they don’t make risky bets that lead to big losses. It took five regulatory agencies more than three years to hammer out the details of how firms can continue to help clients trade without engaging in so-called proprietary bets with their own money. A report released by Treasury Secretary Steven Mnuchin last month recommended that regulators simplify some of those directions and exempt community banks.
