US House passes Volcker Rule changes, puts Fed in charge

The US House of Representatives passed the Volcker Rule Regulatory Harmonization Act. The Volcker Rule prohibits banking agencies from engaging in proprietary trading or entering into certain relationships with hedge funds and private-equity funds. The bill amends the Bank Holding Company Act of 1956 to exempt from the Volcker Rule banks with total assets: (1) of $10 billion or less, and (2) comprised of 5% or less of trading assets and liabilities.

The bill also grants exclusive rulemaking authority under the Volcker Rule to the Federal Reserve Board. Currently, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity Futures Trading Commission also have regulatory authority under the Volcker Rule. The bill will now go the Senate.

Read the full ruling

Related Posts

Previous Post
NY Fed reviews high bilateral repo volumes in SOFR
Next Post
Manmohan Singh’s latest, “Leverage – A Broader View,” shows that build up in the banking system from off-balance sheet trades is huge

Related Posts

Fill out this field
Fill out this field
Please enter a valid email address.


Reset password

Create an account