Volcker Rule Revamp Coming by Fourth Quarter, Quarles Says
- Fed regulatory chief expects plan’s release ‘early in fall’
- Earlier version draw sharp criticism from Wall Street banks
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The Federal Reserve plans to release a fresh revamp of the Volcker Rule by this year’s fourth quarter after Wall Street assailed an earlier proposal as not going far enough to ease burdens on banks and simplify the post-crisis trading limits.
“I expect early in the fall we will have a proposal out that responds to a lot of the comments we’ve received,” Fed Vice Chairman for Supervision Randal Quarles said during a Thursday panel discussion at the Bipartisan Policy Center in Washington. Quarles said the coming proposal -- which must be approved by several agencies -- will better address how regulators handle the restrictions on trading at banks.