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Thursday, November 21, 2013

Federal Reserve May Delay Volker Rule

Banks might have additional time to comply with the rule banning propriety trading that puts banks’ own capital at risk. In a letter to Sen. Mike Crapo, Janet Yellen wrote:
As it considers the merits of adopting a final rule, the Board will also consider the public interest in granting an extension of the conformance period.
The Board may grant three separate one-year extensions beyond the two-year conformance period if believes an extension would be in the public interest. As of now, the rule is set to take effect July 2014.

Read the letter.

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