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Fed Board Seeks Comments on Proposal to Simplify Volker Rule Requirements
On Wednesday, May 30, 2018, the Federal Reserve Board issued a press release asking for comment on a proposed rule to simplify and tailor compliance requirements relating to the "Volcker rule."
"The agencies responsible for implementing the rule see many opportunities to simplify it and improve it in ways that will allow firms to conduct appropriate activities without undue burden and without sacrificing safety and soundness. The proposal will address some of the uncertainty and complexity that now make it difficult for firms to know how best to comply, and for supervisors to know that they are in compliance," Chairman Jerome H. Powell said.
The proposed changes were jointly developed by all five agencies responsible for administration of the Volcker rule--the Federal Reserve Board, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission. Specifically, the proposed changes would:
Comment will be accepted for 60 days after the proposal's publication in the Federal Register.