Federal regulators ought to start over on the Volcker Rule, and get back to basics.

Policymakers could meet the July 21 effective date if they stripped the plan down to its essence. "We need to state the principle and put it back on the boards and managers to have the appropriate policies in place that you can approve and transaction test when the examiners go in," said Sheila Bair, the former Federal Deposit Insurance Corp. chair who is now a senior advisor at the Pew Charitable Trusts.

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