facebook
twitter
rss
account
search
search
 

Fed extends debate on Volcker Rule

Dec. 26, 2011 at 3:54 PM   |   Comments

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.

Topics: Paul Volcker
© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
New F-35 sustainment system undergoing flight testing New F-35 sustainment system undergoing flight testing
2
New Navy sub ready for outfitting, testing New Navy sub ready for outfitting, testing
3
Scrap South Stream, Europe says Scrap South Stream, Europe says
4
Apple to authorities: No iPhone user data, even with a warrant Apple to authorities: No iPhone user data, even with a warrant
5
United Launch Alliance joins Blue Origin in rocket engine development United Launch Alliance joins Blue Origin in rocket engine development
Trending News
Video
x
Feedback