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Tuesday, April 17, 2012

ABA, Trade Groups Urge Change to Volcker Proposal

ABA joined three other trade groups yesterday on comment letter to the Commodity Futures Trading Commission (CFTC) regarding its proposed Volcker Rule regulations.

The joint comment letter calls for the regulators to change and re-propose the Volcker Rule regulations, explaining that the current proposal’s definition of “commodity pool” is overbroad, the swap dealing markets are not well described by the criteria in its permitted activities, and the its negative presumptions are inconsistent with the statute.

The letter – signed by ABA, the Securities Industry and Financial Markets Association (SIFMA), the Clearing House, and the Financial Services Roundtable – also points out that the costs of the proposal substantially outweigh its benefits and that the CFTC’s cost-benefit analysis is insufficient.

Read the comment letter.

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