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Treasury Strategies Testifies to Congress on the Volcker Rule

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.

  1. U.S. Businesses are among the most capital efficient in the world. The Volcker Rule will change that.
  2. Risk can neither be created or destroyed. It can only be transformed. The Volcker Rule transforms financial risk from banks to corporate treasurers.
  3. The rule writing process itself will lead to overlap and confusion, which could possibly lead to gridlock.
  4. 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.
  5. 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.

For more information