The Volcker Rule refers to § 619 (12 U.S.C. § 1851) of the Dodd–Frank Wall Street Reform and Consumer Protection Act, originally proposed by American economist and former United StatesFederal Reserve Chairman Paul Volcker to restrict United States banks from making certain kinds of speculative investments that do not benefit their customers. Volcker argued that such speculative activity played a key role in the financial crisis of 2007–2010. The rule is often referred to as a ban on proprietary trading by commercial banks, whereby deposits are used to trade on the bank’s own accounts, although a number of exceptions to this ban were included in the Dodd-Frank law. The rule’s provisions were scheduled to be implemented as a part of Dodd-Frank on July 21, 2010, with preceding ramifications, but were delayed. On December 10, 2013, the necessary agencies approved regulations implementing the rule, which were scheduled to go into effect April 1, 2014. On January 14, 2014, after a lawsuit by community banks over provisions concerning specialized securities, revised final regulations were adopted. However, larger banks have yet to comply. On August 11, 2016 several large banks requested a 5 year delay.