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U.S. markets recover from steep losses
WASHINGTON, Dec. 26 (UPI) -- The U.S. Federal Reserve said it would extend the public comment period on the so-called Volcker Rule until mid-February.
The extension until Feb. 13, adding a month to the public comment period, was granted "to allow interested persons more time to analyze the issues and prepare their comments," the Fed said.
Four federal agencies, the central bank, the Securities and Exchange commission, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency, have a vested interest in the Volcker Rule, named after former Fed Chairman Paul Volcker, who lobbied for the proposal, which became part of the Dodd-Frank Act in 2010.
The rule seeks to limit proprietary trading by banks and prohibits banks from owning private equity funds and hedge funds.
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