Barney Frank actually said...

it wasn't in the House, but there was a press conference in the White House that I attended long before it got to the end

Frank clarifies the timeline of the Volcker Rule's introduction.

01/17/2012

More Barney Frank Quotes

The danger would be none of this is $2 billion, but if they lost so much that they couldn't pay their debts, that's why I say we begin with ...

No, we have things in place that will prevent that from happening. It is a reminder, however, that it was important that we adopt the rules ...

Well, they just lost $2 billion. They just lost about five times that or four times that through their own errors.

The fact that the American institution is doing this overseas is no reason to say they're not subject to regulation.