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Volcker rule on track for completion by year-end
U.S. regulators are aiming to finalize the Volcker rule’s controversial trading curb by the end of 2012, the Federal Deposit Insurance Corp.’s chief said on Friday.
Speaking at the American Banker’s regulatory symposium in Washington D.C., FDIC Acting Chairman Martin Gruenberg told reporters that regulators are sticking with their most recent estimate of approving a final draft by year-end.
“The agencies are working on it. I think that is the intention.”
The Volcker rule, named for former Federal Reserve Chairman Paul Volcker, was mandated by the 2010 Dodd-Frank Act and is aimed at preventing banks that receive government backstops like deposit insurance from taking risky bets for their own gain.
http://www.chicagotribune.com/business/breaking/chi-volcker-rule-on-track-for-completion-by-yearend-20120914,0,3095641.story
