Volcker fights back as prop-trading ban comes under attack

Former Fed chair tells Risk.net that calls for total overhaul of eponymous rule are misplaced

Paul Volcker: sees little need to make substantial changes to the interagency regulation

“The effort has not been futile,” the voice of Paul Volcker roars out of the speakerphone, energised more by enthusiasm than anger. “The banks have eliminated their proprietary trading desks – they’re gone.”

The former Federal Reserve chairman is responding to recent criticism of the rule that bears his name, not only from well-established foes on Wall Street and in the Republican party, but also from senior Obama era regulatory appointees who have begun to publicly question the utility of the