RPT-Critics claim Volcker rule skirts cost-benefit laws
By Sarah N. Lynch and Emily Stephenson
WASHINGTON, Feb 12 (Reuters) - Opponents of the Volcker
exploring whether regulators violated two obscure laws that
require them to study the costs to business, a move that could
lead to a possible legal challenge.
The U.S. Chamber of Commerce says bank regulators appear to
have failed to meet their obligation to fully study the Volcker
rule's cost to the financial industry and the economy.
Lawyers for the business lobby group are combing through the
1995 Unfunded Mandates Reform Act, which the Office of the
Comptroller of the Currency (OCC) has said directs it to assess
the economic impact of any new rule that will cost the
government or private sector $100 million or more.
The lawyers are also looking at the Riegle Community
Development and Regulatory Improvement Act, which requires the
Federal Reserve, the Federal Deposit Insurance Corp and the OCC
to weigh "administrative burdens" on banks, including small
banks and their customers, against the rule's benefits.