March 23, 2012 - "Implementing the Volcker Rule" The Volcker Rule, as authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, is a controversial piece of banking legislation. The Volcker Rule prohibits banking organizations from proprietary trading as well as from owning or sponsoring private equity or hedge funds. Many fear that these regulations will negatively impact the earnings of the countries' major banks. Others claim that the rule will be able to increase transparency within the financial sector and banks. They say the rule will also reduce risks taken in financial institutions with investors' money. The Penn Program on Regulation together with the law firm of Morrison and Foerster LLP hosted a conference in Washington, D.C. in the hope of having a meaningful dialogue surrounding the Volcker Rule's effects on the banks, trading, and the economy at large. The discussion brought together members of the financial, governmental, and legal sectors. Notable participants were Penn Program on Regulation Director Cary Coglianese; PPR faculty affiliates Jill Fisch, Richard Herring, and David Skeel; Andrew Green from the Office of U.S. Senator Jeff Merkley; and Morrison & Foerster partners Charles Horn, Oliver Ireland, and Dwight Smith.