Goldman Sachs Group Inc Chief Executive Lloyd Blankfein could support the Volcker Rule depending on its details, he said during an interview with CNN's Fareed Zakaria on Sunday.
It has a broad definition that invites a study, and regulations and depending on what it says I could, Blankfein said, according to a transcript.
He said that parts of the Volcker plan - which basically aims to put limitations and restrictions on proprietary trading by banks - are warranted but not all versions of it would have his support.
I am not really sure where it comes out. That is why I say I could, but I am not sure, he said.
Blankfein defended Goldman, which is the subject of a Securities and Exchange Commission civil fraud lawsuit related to the marketing of a derivative transaction, during the interview. Last week, he testified before a U.S. Senate panel investigating the role of the firm in the financial crisis.
He said that the financial reform is good if it makes institutions safer, but not necessarily if they forgo revenue opportunities.
The Volcker Rule's best application is if it stopped banks from doing things that were specifically dangerous for them to do, or outsize relative to their capital, Blankfein said.
He said he has to work with others at the firm to regain the public's trust.
We have to regain the trust of the public. We have no choice. We can't survive without people thinking well of us because ... our business is a confidence business, he said.
(Reporting by Caroline Humer, editing by Martin Golan)