I remember the original Volcker Rule as well as the original. In each case, the concept is to prevent banks from doing trading or an investment bank business. This iteration also limits investments by banks to a smaller percentage of investment funds than was previously the case. It didn’t stop banks, which grew to include Goldman Sachs and Morgan Stanley from offering funds; it just reduced the amount of their investment in such funds. The rule enabled Blackstone and Brookfield to grow with less competition of scale. When repealed, there may be additional players, but the investment market is already crowded. It will have less of an effect on single projects and more in portfolios.
