The 2,000-plus pages of the Dodd-Frank Wall Street Reform and Consumer Protection Act have now been published and the bill has been voted through the House of Representatives, but the legislation has been subject to dilution and compromise.
Compromises have been made on the Volker rule and bank tax – less compromise, more excision.
The Volker rule – whereby banks would have to divest themselves of all interests in private equity and hedge funds – has been amended to allow them to invest up to 3% of their capital in such vehicles.
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