S. HRG. 111–638 IMPLICATIONS OF THE ‘‘VOLCKER RULES’’ FOR FINANCIAL STABILITY HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED ELEVENTH CONGRESS SECOND SESSION ON EXAMINING THE IMPLICATIONS OF THE ‘‘VOLCKER RULES’’ FOR FINANCIAL STABILITY FEBRUARY 4, 2010 Printed for the use of the Committee on Banking, Housing, and Urban Affairs ( Available at: http://www.access.gpo.gov/congress/senate/senate05sh.html U.S. GOVERNMENT PRINTING OFFICE 61–651 PDF WASHINGTON : 2010 For sale by the Superintendent of Documents, U.S. Government Printing Office, http://bookstore.gpo.gov. For more information, contact the GPO Customer Contact Center, U.S. Government Printing Office. Phone 202–512–1800, or 866–512–1800 (toll-free). E-mail,
[email protected]. COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS CHRISTOPHER J. DODD, Connecticut, Chairman TIM JOHNSON, South Dakota RICHARD C. SHELBY, Alabama JACK REED, Rhode Island ROBERT F. BENNETT, Utah CHARLES E. SCHUMER, New York JIM BUNNING, Kentucky EVAN BAYH, Indiana MIKE CRAPO, Idaho ROBERT MENENDEZ, New Jersey BOB CORKER, Tennessee DANIEL K. AKAKA, Hawaii JIM DEMINT, South Carolina SHERROD BROWN, Ohio DAVID VITTER, Louisiana JON TESTER, Montana MIKE JOHANNS, Nebraska HERB KOHL, Wisconsin KAY BAILEY HUTCHISON, Texas MARK R. WARNER, Virginia JUDD GREGG, New Hampshire JEFF MERKLEY, Oregon MICHAEL F. BENNET, Colorado EDWARD SILVERMAN, Staff Director WILLIAM D. DUHNKE, Republican Staff Director MARC JARSULIC, Chief Economist JOE HEPP, Professional Staff Member AMY S. FRIEND, Chief Counsel DREW COLBERT, Legislative Assistant MARK OESTERLE, Republican Chief Counsel HEATH P. TARBERT, Republican Special Counsel JEFFREY M. WRASE, Republican Chief Economist RHYSE NANCE, Republican Professional Staff Member DAWN RATLIFF, Chief Clerk DEVIN HARTLEY, Hearing Clerk SHELVIN SIMMONS, IT Director JIM CROWELL, Editor (II) CONTENTS TUESDAY, FEBRUARY 4, 2010 Page Opening statement of Chairman Dodd .................................................................