Agencies to Vote on Volcker Rule

Several agencies will hold meetings today to consider the final rule implementing the provision of the Dodd-Frank Act referred to as the Volcker rule that will limit excessive risk taking by depository institutions and their affiliates.

From Chairman Bernanke’s opening statement:

Getting to this vote has taken longer than we would have liked, but five agencies have had to work together to grapple with a large number of difficult issues and respond to extensive public comments.

From Governor Tarullo’s opening statement:

The basic approach is quite consistent with that adopted in the proposed rule, but the many comments we received from a variety of perspectives helped staff make useful changes and clarifications throughout the proposed final rule… I think we need to acknowledge that it has been only modestly simplified.