SEC Chairman Mary Schapiro on Volcker and Her Plans

Mary Schapiro Interview Still

Securities and Exchange Commission Chairman (SEC) Mary Schapiro spoke with FOX Business Network (FBN) about the highly controversial Volcker Rule and about her plans for the future.

Mary Schapiro Interview Still PicExcerpts from the interview are below:

On her future and whether she would go back to working for FINRA following the end of her term as SEC chair

'Oh gosh. I have no plans right now. I certainly am not going back anywhere I came from'.

On various government agencies and bank supervisors trying to narrow the definition of the Volcker Rule

'The agencies have been working very hard to try to come up with a uniform Volcker Rule and in fact the banking regulators, the SEC, and the CFTC all proposed the same rule. Then we got about 19,000 comment letters, very detailed, very thoughtful and we have been working through, as a group, all of those comment letters and trying to come to a final rule that we can all agree upon.

'There are differences, as you expect there might be differences when you have banks and broker-dealers, swap dealers and others that are such different institutions dealing with the markets in different ways. I think that the agencies are working very well together and trying to come to closure'.

Source: FOX Business Network

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