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U.S. Regulators Extend Comment Period for Proposed ‘Volcker Rule’ Rewrite - ABI

U.S. regulators said yesterday that they will giving the public an extra 30 days to comment on a proposed rewrite of the “Volcker Rule” banning proprietary trading by banks. The five regulators charged with enforcing the rule will now accept comments until Oct. 17. Regulators announced a proposal to simplify the rule at the end of May, after years of complaints from banks that the original rule was too complicated. The Volcker Rule was a centerpiece of tougher rules established following the 2007-2009 financial crisis, and is aimed at barring banks from engaging in profit-seeking trades with customer funds. The Federal Reserve, Federal Deposit Insurance Corporation, Securities and Exchange Commission, Commodity Futures Trading Commission and Office of the Comptroller of the Currency share responsibility for writing and enforcing the rule. A final version of the rule could be completed as soon as early 2019.

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