House Committee on Financial Services Hearing: Impact of the Volcker Rule on Job Creators, Part I (with Delta Strategy Group Summary)

The House Committee on Financial Services held a hearing to examine the impact of the Volcker Rule on the U.S. economy and its capital markets. The hearing, among other things, investigated the effect of the Volcker Rule on the ability of financial institutions to own tranches of collateralized debt obligations backed by trust preferred securities, and how H.R. 3819, the Fairness for Community Job Creators Act, would modify the Volcker Rule's applicability to financial institutions that hold such ownership interests.

The following witnesses testified:

• The Honorable Kenneth E. Bentsen, Jr., President and Chief Executive Officer, Securities Industry and Financial Markets Association
• Mr. Charles Funk, President and Chief Executive Officer, MidWest One Bank
• Professor Simon Johnson, Ronald Kurtz Professor of Entrepreneurship, MIT Sloan School of Management
• Mr. Elliot Ganz, General Counsel and Executive Vice President, the Loan Syndications and Trading Association
• Mr. David C. Robertson, Partner and Director, Treasury Strategies, Inc.

Click here to view a summary of the hearing from Delta Strategy Group.See also: Archived Webcast of Hearing; SIFMA Press Release.See generally: Volcker Materials (accessible to Cabinet subscribers only).