Hours after being sworn in as Treasury Secretary in February, Jacob Lew pulled regulators into a conference room and delivered a blunt message: Get the Volcker rule done.There's more:
On Tuesday, half a year later, Mr. Lew found himself leading another meeting with regulators about the still-unfinished rule.
"It's ridiculous," said Paul Volcker, the former Federal Reserve chairman for whom the rule is named. He said there is "no reason why the Volcker rule should take three years" to write.The great moments of the regulatory state.
The rule's long gestation, described in interviews with dozens of current and former officials, is emblematic of the struggles that federal agencies face as they attempt to make fixed language of regulation fit a financial world that is ever evolving.