Former Chairman of the House Financial Services Committee Barney Frank called Friday for both stringent standards and lenient enforcement around the 2010 Dodd-Frank law's Volcker Rule.

Frank, one of the architects of the financial reform law, said the provision "will be tougher than many of the people in this room would like to see, but I do not think it will interfere with the function of the economy."

"When you get the Volcker Rule, there ought to be a very important enforcement principle: the first time an institution does something that their own regulator believes is in violation of the Volcker Rule, the response should be, 'Don't do that again.' No penalty," Frank said in a Q&A presentation with Politico's Ben White, during The Clearing House's annual conference.

"There are a lot of concepts in the law, very important concepts, where they state the principle and it gets meaning as it is regulated," Frank added.

For the full piece see "Frank Sees 'Tougher' Volcker Rule, Calls for Lenient Enforcement" (may require subscription).