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

Change In 'Accredited Investor' Definition Could Hurt Crowdfunding Space

Jul 25 2014 | 8:14am ET

The Securities and Exchange Commission is considering changes to its 30-year-old...

Lifestyle

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note