Covenants and Other Covenants

To the extent that Chairman (indeed) White, whom the WSJ describes as an “independent,” is not Commissioner Stein, this could be called unfair, but it really doesn’t matter.

Ms. Stein is pushing to get such language back into the rule, said people familiar with the talks. Ms. Stein is also pushing to get language into the rule requiring chief executives to promise compliance with the rule, a provision opposed by Wall Street, according to a person familiar with her positions.


Ms. White, the SEC chief, has declined to promise her agency will sign off on a final version by year-end. At an industry conference last week, she described Volcker as a “complex and difficult” measure.


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