(March 1, 2012, Weil News)
Weil Corporate partner Derrick Cephas was quoted by Law360
in an article discussing Federal Reserve Chairman Ben Bernanke's recent testimony before the House Financial Services Committee on the possibility that regulators will not be able to finalize work on the Volcker Rule by the July 2012 deadline due to the heavy volume of comments received to date, thus opening the door to "substantial" changes to the proposed rule.
In the article, Cephas notes that a rewrite of the rule is necessary to make it "'specific enough to give the public guidance about what is permitted, and then has enough breadth ... that people can't easily structure around it.” The delay Bernanke discussed, Cephas added, could allow for that to happen.
Link to full text of the article, "Bernanke Says Volcker Rule Won't Be Ready In July
" (may require subscription).