Federal Agencies Kill Big Banks’ Hopes of Escaping Volcker Rule
Yahoo Finance cites CEI on restrictions on proprietary trading.
The Competitive Enterprise Institute, a libertarian think tank in Washington, wrote to the five regulators in March and used an ice cream analogy to illustrate its point.
“Imagine that ice cream products, in general, have been an extensively regulated category, but then a new statute narrows that category to consist of only mint chocolate ice cream,” CEI wrote. “Clearly, to fall into that new category, an ice cream must be both mint and chocolate. If an ice cream is not mint, or if it is not chocolate, then it is excluded from regulation under the statute’s new, narrower definition.”