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January 4, 2013

U.S. Banks to Make Another Push Against Volcker Rule

Volcker rule opponents are making their case for alternatives to the proprietary trading ban at a U.S. House Financial Services Committee hearing as regulators move closer to completing work on the Dodd-Frank Act measure.

Today’s hearing will be the last in this session of Congress on the impact of the restrictions for banks that benefit from federal deposit insurance and discount borrowing. Financial-industry representatives will argue for higher capital standards rather than the rule’s outright trading ban, according to testimony prepared for the hearing.

Efforts to finalize the multi-agency rules, which have taken more than a year so far, will be complicated by the departure of Securities and Exchange Commission Chairman Mary Schapiro, who is stepping down tomorrow. No regulators are scheduled to testify at the House hearing.”

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Read full Bloomberg article here

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