Tuesday, 31 May 2016
Last updated 1 hour 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.