There’s no way the Volcker Rule will become law.
Our sources on Capitol Hill say that the enactment of the Volcker Rule is dependent on Republican support. It’s just not something that energizes Democratic lawmakers or voters. And banking committee chairman Chris Dodd has his doubts about it.
So the only way it stood a chance of becoming law was for Richard Shelby, the ranking Republican member on the Senate banking committee, to support it. His support would guarantee the Democrats would get behind it and probably some other Republicans too. Without his support, it’s dead.
And just a few minutes ago he explained that he will not support the Volcker Rule and doesn’t think there is any need for it.
Here’s the video from CNBC.