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Monday, March 10, 2014

Barr Introduces Volcker Rule CLO Fix

Rep. Andy Barr (R-Ky.) introduced a bill, H.R. 4167, that would exempt bank investments in collateralized loan obligations from the Volcker Rule’s prohibition against acquiring or retaining an ownership interest in a hedge fund or private equity fund.

ABA in a comment letter last week urged regulators to similarly exclude CLO investments — as well as bank holdings of TruPS CDOs that are backed by insurance companies and real estate investment trusts and other routine bank investments — from the Volcker Rule’s definition of covered fund.

“None of these investments were intended by Congress in the enactment of the Volcker Rule, and all of these investments represent important financial services to bank customers,” ABA wrote.

Read the Barr bill.
Read ABA's comment letter.

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