Even the so-called Volcker Rule, which prohibits proprietary trading by banks, bank holding companies, and their affiliates, 3 will require considerable regulatory build-out before its constraints will be clear. Provisions that require only modest administrative interpretation, such as the limit on acquisitions that  3  2  DFA § 619.
In fact, 28 central banks visited us last year to learn from our experience in microfinance. Outstanding microfinance loans now average P7 billion. Considering that the average term of microfinance loans is two months, we can assume that microentrepreneurs can access as much as P40 billion a year in short-term credit. Ladies and gentlemen.