This is absolutely key, Mayer said, "because we do not want the U.S. financial industry to be prejudiced by losing business to off-shore liquidity providers, seeking the proverbial, regulatory arbitrage." When asked if Congress may take another look at the Volcker Rule and make changes with new legislation, Mayer said "there has to be a congressional decision on whether or not an enterprise itself can engage in enterprise-level risk hedging. The law that was passed would suggest that that's prohibited and that the hedging must be done on a deal-by-deal basis." "Dodd-Frank was passed quickly amidst serious global atmospherics, and having hearings to have Volcker more closely aligned with international financial institutions would be worthy, so that U.S financial institutions are not art a competitive disadvantage," he said," adding that "Congress needs to have a full and robust discussion with the industry to avoid unintended consequences." -- Written by Philip van Doorn in Jupiter, Fla. To contact the writer, click here: Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn. To submit a news tip, send an email to: firstname.lastname@example.org.