SEC’s Gallagher Calls for Re-Proposing Volcker Trading Ban
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U.S. regulators should “go back to the drawing board” and make extensive revisions to their proposed ban on banks’ proprietary trading, Securities and Exchange Commission member Daniel Gallagher said in a speech.
The SEC and other agencies have received more than 17,000 public comments about the rule named for former Federal Reserve Chairman Paul Volcker, who championed the ban as an adviser to President Barack Obama. Among those expressing concern are regulators from Japan, the U.K. and Canada, Gallagher said.