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April Fools! Volcker Rule -Reign MMXI

By proclamation of Sir Volcker Reign, April Fools Day is to be a National Bank Day of Celebration. They will cast in stone, "Ye Olde Volcker Rule, circa MMXI, 2011."

April Fools will remain the same for the rest of us fools.

The procession is in progress. Invitations are engraved. The stone tablet is laden upon the ox cart, ready for its long winding trundle down from the top of the Mountain of Debt. This heavy slab is a burden the oxen have never known. While the moneyed prey upon us... the oxen labor in our stead.

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Volcker Rule, Reign Established
April Fools Day, circa MMXI, 2011

Hale Volcker!

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Emperor Proclamation: Press Release
Federal Reserve Press Release

Release Date: February 9, MMXI, 2011
For immediate release

The Federal Reserve Board... announced... final rule... Wall Street... give... their activities and investments... to the ... so-called Volcker Rule [aka: Vocker Reign].

The Volcker Rule generally prohibits banking [Whoa Nelly, I wish to disembark right here. Period.] entities from engaging in proprietary trading in securities, derivatives, or certain other financial instruments and from investing in, sponsoring, or having certain relationships with a hedge fund or private equity fund. The statute generally provides banking entities two years to bring their activities and investments into compliance [circa MMXII] and allows the Board to extend this conformance period under certain conditions.

The Dodd-Frank Act requires that the Board issue rules implementing the Volcker Rule's [Reign] conformance period [Era]. In developing the rule, the Board consulted with

  • Department of the Treasury, the Office of the Comptroller of the Currency,
  • Federal Deposit Insurance Corporation (FDIC),
  • Securities and Exchange Commission (SEC),
  • Commodity Futures Trading Commission (CFTC)

[Round up the usual suspects.]

The final rule is effective April 1, 2011 [April Fools Day], and is expected to be published soon in the [US Congressional] Federal Register.

Attachment (172 KB PDF) [forever, in stone]

MMXI, 2011, Banking and Consumer Regulatory Policy
http://www.FederalReserve.gov/newsevents/press/bcreg/2011020...



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