A Nov. 23 article published by Reuters details that having spent billions of dollars and dedicating substantial man hours in order to comply with Dodd Frank, the financial services industry is now expressing concerns that the Trump administration, with the support of Congress, will now abandon, or significantly alter various provisions. Though it is not clear what changes may be instigated once the President-elect takes office on Jan. 20, it has been noted that the Volcker Rule might be targeted, causing widespread industry consternation. “Even if Volcker doesn't go away, there are still questions about how tough the enforcement would be,” details investment management partner Mark Nuccio (Boston). Until there is more clarity, Mr. Nuccio notes that “banks are deciding they may take the foot off the gas pedal now and just see what happens.”
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