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October 7, 2011

Volcker Rule Leaking

A Volcker Rule draft was leaked to the American Banker and the Wall Street Journal has an very good article entitled “The Multibullion-Dollar Leak” on what’s in that draft and even has a link to the leaked draft.  However, it isn’t clear if that draft (labeled “staff draft” and dated September 30) has been changed or will be changed before the FDIC votes on the proposed rule next Tuesday. 

However, given the draft is dated September 30 and that the FDIC meeting to vote on the proposed rule was scheduled for only 10 days later, on October 11, it’s more likely than not that it wouldn’t have changed in the ordinary course.  No one knows what will happen now that the ordinary course was publicly dispatched when it was leaked to the American Banker, a lead lobbyist for the banks in battling the law in the first place and the regulations implementing the law now.  Of course, with the ability to compare-rite, we’ll all know soon if there were any changes, assuming the FDIC goes ahead with the previously scheduled meeting and vote next Tuesday. 

At 205 pages, it’s a complex proposed rule, as was expected by everyone. 

Read it here

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