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Going Public: My Adventures Inside the SEC and How to Prevent the Next Devastating Crisis by Norm Champ

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CHAPTER8

THE VOLCKER RULE AND ME

The best way to get a bad law repealed is to enforce it strictly.

—Abraham Lincoln

Some call the Volcker Rule “Glass-Steagall Lite”—and considering the political and lobbying firepower that lined up over the Volcker Rule, I think that’s the closest Washington will ever get to restoring Glass-Steagall no matter which party is in power. Senator Elizabeth Warren, Senator Mitch McConnell, President Obama, the Tea Party caucus, Citigroup lobbyists, Secretary Geithner, Secretary Lew, and what Senator Maria Cantwell called “the Armies of Wall Street”: all the major powers had a stake in passing the Volcker Rule or trying to stop it. Named after former Fed chairman Paul Volcker who championed the issue, Congress and ...

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