To prevent regulatory arbitrage and provide for a level international playing field, yje US Chamber of Commercde urged that the the enforcement of the Volcker Rule should be suspended pending certification by the Treasury Secretary that other international jurisdictions have adopted similar statutory schemes and are abiding by similar restrictions.
In a letter to the SEC, CFTC and Fed, the Chamber said that the Volcker Rule was originally meant to include all of the major global capital market participants. However, this international call to action was swiftly and universally rebuffed by other nations, said the Chamber. Thus, the United States has unilaterally placed itself at a disadvantage in an increasingly competitive global capital marketplace.