Other jurisdictions – including Canada – have objected, both because they do not wish to have U.S. law applied to the primarily domestic operations of their institutions, and also because they do not agree that the Volcker Rule is the only – or the most effective way to prevent excessive risk-taking in financial institutions.
Whether these emergency fiscal measures will ultimately be financed by increased federal borrowing, or by finding offsetting spending decreases or revenue increases, is still an unsettled issue in the Congress. To a certain extent, temporary emergency federal borrowing may be viewed as appropriate, as the costs would ultimately be spread out across all U.S. taxpayers over time.