House Republicans Plan Hearing On Volcker Rule

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.


In Depth

Fund Manager's Disease: Common Symptoms and Proposed Remedies

May 3 2016 | 6:11pm ET

The cadre of 25 research analysts at Murano Systems speaks with more than 150 investors...

Lifestyle

Point72's Cohen Donates $275M To Veterans Mental Health Network

Apr 6 2016 | 8:31pm ET

Billionaire hedge fund manager Steve Cohen has formed a non-profit aimed at treating...

Guest Contributor

Agecroft: Why NYCERS Should Reconsider Exiting All Hedge Funds

Apr 18 2016 | 5:51pm ET

The recent decision by the New York City Employment Retirement System to exit its...