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Monday, November 24, 2014

Fed Rulemaking on Physical Commodities Expected Next Year

The Federal Reserve expects to issue a notice of proposed rulemaking on bank involvement in physical commodities businesses in the first quarter of 2015, Fed Governor Daniel Tarullo told a congressional subcommittee.

The Fed in January requested comments on several issues related to the risks posed by physical commodities activities to financial holding companies. The more than 180 unique comments and 16,000 form letters the Fed received expressed a variety of views, Tarullo said, adding:

A number of commodities end-users, including corporate treasurers and municipalities, as well as several trade associations and others, argued that financial holding companies provide valuable and hard-to-replace services to end-users.

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