Fed unveils plan to ease rule against risky bank trading

Federal bank regulators on Wednesday released a plan to ease the Volcker Rule, which bars banks from making risky trades for their own profit with customers’ money. The Federal Reserve and other regulators said the rule, part of the 2010 Dodd-Frank law, would remain in place in spirit, but that the government would simplify regulations to make it easier for banks to comply and for the government to enforce it. The proposed changes would impose the toughest restrictions on 18 banks that do the most trading, while applying less stringent requirements on other institutions. “Our goal is to replace overly complex and inefficient requirements with a more streamlined set of requirements,” Fed Chairman Jerome Powell said at a Fed governors’ meeting.

Read More
%d bloggers like this: