Treasury Strategies testified at the U.S. Congressional hearing “Examining the Impact of the Volcker Rule on Markets, Businesses, Investors and Job Creation.” Anthony J. Carfang, a founding partner, represented and served as spokesperson for the firm as well as the U.S. Chamber of Commerce.
The testimony had five main points.
- U.S. Businesses are among the most capital efficient in the world. The Volcker Rule will change that.
- Risk can neither be created or destroyed. It can only be transformed. The Volcker Rule transforms financial risk from banks to corporate treasurers.
- The rule writing process itself will lead to overlap and confusion, which could possibly lead to gridlock.
- The Volcker Rule is one of four major financial regulations, each untested in the real world, that will hit the markets simultaneously. That is a huge huge risk.
- There are no do-overs.
Click here to watch the video of our opening comments (first six minutes of the video).
Click here to download the full text of our testimony.