Who Said Agencies Always Agree?

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."