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Government Executive Editor in Chief Tom Shoop, along with other editors and staff correspondents, look at the federal bureaucracy from the outside in.

Who Said Agencies Always Agree?

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Among the many disputatious provisions in the Dodd-Frank financial reform law is the "Volcker Rule," the clampdown recommended by the former Fed chair that will narrow the ability of an investment bank to place bets on financial products for the benefit of the bank itself rather than for investors.

This month, as The New York Times reported Monday, the long-awaited effort to put regulatory flesh on the Volcker Rule's statutory language has set at least six agencies fighting over details. Differing versions have emerged requiring input from the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp., the Federal Reserve, the Commodity Futures Trading Commission, the Treasury Department and the Securities and Exchange Commission. Debate has raged.

But at least one official is singing Kumbaya. SEC commissioner Elise Walter told the Times, "the Volcker Rule has been a very effective exercise in cooperation."

 

Charlie Clark joined Government Executive in the fall of 2009. He has been on staff at The Washington Post, Congressional Quarterly, National Journal, Time-Life Books, Tax Analysts, the Association of Governing Boards of Universities and Colleges, and the National Center on Education and the Economy. He has written or edited online news, daily news stories, long features, wire copy, magazines, books and organizational media strategies.

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