John C. Coffee: “The biggest problems in our financial economy are the problems associated with systemic risk.”

The Volcker Rule was a reasonable way of doing that, by getting banks out of the business of proprietary trading.

Second, we must strengthen what I will call the financial infrastructure--the systems, rules, and conventions that govern trading, payment, clearing, and settlement in financial markets--to ensure that it will perform well under stress.

I want to be clear that I think there could be a robust bankruptcy provision that would be helpful and that would be a supplement, but it can't be a substitute.

We believe that leapfrogging rulemakings whose deadlines are months away ahead of rulemakings whose deadlines are months passed... violates both the spirit and the letter of the law.