When the Securities and Exchange Commission proposed rulemaking on the Volcker rule provision of the Dodd-Frank Act, it attached nearly 400 questions asking stakeholders for their views on how the rule might be implemented and how other details might be resolved.
Feedback poured in, with nearly 19,000 comment letters including everything from letters in support of the rule to suggestions on how the rule might work better to unvarnished opposition of the rule in any form. When the final version of the rule was issued, however, critics accused the SEC of ignoring their concerns and not considering their suggestions. The final rule released last year was substantially different than the 2011 version, but the comment process was not re-opened.
