I would argue the rule is actually beneficial here. Accounting rules should reflect reality not fantasy. The market losses are real and these securities would not be valued so low if they were safe and would pay-off in due cross. Losses also signal to banks that they cannot escape accountability for poor investment decisions by pretending the losses do not exist.
But, the American Bankers Association would have none of it and sued to challenge the rule. Given the natural proclivities of the judicial system in favor of the most wealthy and powerful (who can afford to hire hoards of lawyers) a judicial challenge to the Volcker Rule in not likely to result in an economically sound ruling.
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