Senator Chris Dodd is right to wonder, as he said yesterday, why the Obama administration waited so long to support something like the new “Volcker rule” — and then throw it into the mix to complicate the legislation. But that’s not the biggest problem.
What is disturbing is how poorly the Volcker rule has been thought through. When first announced, it sounded like a worthy and needed step in the right direction, and a suggestion the Obama team was waking up to reality. But [some sources] also expected more sophisticated details to come.