Michael E. Bleier, a partner in Reed Smith's Financial Services Regulatory Group, was recently quoted by the National Law Journal regarding the long-awaited Volcker Rule that was finalized by federal regulators December 10. Among other things, the Volcker Rule – named after former Federal Reserve Chairman Paul Volcker – prevents financial institutions from making short-term proprietary trades and requires new certifications from corporate officers. Michael was quoted as saying that any lawsuit challenging the Volcker Rule would be "an uphill battle." Michael also stated that the Volcker Rule "gives lots of discretion to the agencies." Moreover, he noted: "It was pretty clear what Congress wanted the agencies to do. The only issue is how it's implemented." Banks will have until July 2015 to comply with the Volcker Rule.
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