The Volcker Rule is required by the Dodd–Frank Wall Street Reform and Consumer Protection Act to be effective by July 21, 2012. In response to questions from the House Financial Services Committee Federal Reserve Chairman Ben Bernanke in reference to the Volcker Rule stated, “I don’t think it will be ready for July.” The Federal Rule has received thousands of comments on the proposed rule, from individuals, banks, financial organizations, trade associations, and sovereign entities, and consumer groups.
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