On January 17, Frank Keating, President of the American Bankers Association, asked Congress to ask the agencies charged with drafting the Volcker Rule, which would curtail proprietary trading and private equity and hedge fund investments by banks, to start over. The letter states that "[t]he proposed rules as written are unworkable and fail to carry out the intent of Congress to clearly define prohibited activity in proprietary trading and investments in hedge funds and private equity funds. ABA therefore requests that Congress (1) communicate its Volcker Rule objectives to the agencies in writing and at the hearing, and (2) call for a re-proposed set of rules for public comment that readily align with such objectives." The letter was delivered one day before agency heads testified before Congress on their efforts to implement the Volcker Rule.

The letter may be found here.