Volcker rule expected next month
Long awaited regulations that would prohibit federally backed banks from gambling with their own money could be adopted by next month, Reuters reports.
The so-called Volcker rule, named for former Federal Reserve Chairman Paul Volcker, reflects one of the largest unfinished provisions of the Dodd-Frank financial reform law.
On Monday, the outgoing chief of one of five regulatory agencies working on the rule told reporters that progress was being made. Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler said his agency is moving toward adopting a final rule.
“I’m going to be providing the commissioners with a document by tomorrow,” Gensler reportedly told journalists.
More from Reuters here.
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