US Commodities Regulator Approves Volcker Rule
The US Commodities Futures Trading Commission (CFTC) today approved implementation of the so-called Volcker Rule, which would prohibit banks from trading securities, derivatives, and some other financial instruments on the banks’ own accounts. The rule also prohibits banks from investing…
The US Commodities Futures Trading Commission (CFTC) today approved implementation of the so-called Volcker Rule, which would prohibit banks from trading securities, derivatives, and some other financial instruments on the banks’ own accounts. The rule also prohibits banks from investing in hedge funds and private equity funds. The vote was 3-2.
The four other federal agencies responsible for enforcing the regulations included in the banking reform act passed last year have already agreed on how to implement the rules. Today’s CFTC ruling is “substantively similar” to the joint rule agreed to by the other agencies.
There proposed rule will get a 60-day comment period once it is published in the Federal Register. The deadline for comments on the joint rule is February 13th.
The CFTC’s announcement is available here.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
