Friday, 22 August 2014
Last updated 59 min ago
Oct 13 2011 | 2:20am ET
They can't stop its implementation, but Republicans plan a hue and cry over the newly-unveiled, if still vague, Volcker rule.
Republicans in the House of Representatives plan a hearing on the new rule, which would bar banks from proprietary trading and would strictly limit the amount they could invest in hedge funds and private equity funds. Three regulators, including the Federal Reserve, released a draft of the rule, required by the Dodd-Frank financial reform law, earlier this week.
The House Financial Services Committee plans a hearing on the rule next month, Fox Business Network reports. That hearing will focus on the "economic impact and the competitiveness" of the rule, which Republicans say will put U.S. banks at a disadvantage to foreign competitors and cost too much to implement.
A host of regulators, including the Securities and Exchange Commission and Commodity Futures Trading Commission, must still approve the rule, which is likely to undergo further changes following comment periods.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note