SEC to Consider Volcker Rule on December 10 Using Paper Ballot

The U.S. Securities and Exchange Commission plans to consider on Dec. 10 whether to pass the Volcker rule, the regulation that prohibits banks from making speculative bets with their own money.

The five-member commission won’t vote at a public meeting to adopt the rule, said John Nester, a spokesman for the regulator. The agency instead will use a process known as seriatim that calls for commissioners to weigh in on paper.

The Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and Commodity Futures Trading Commission also will act on that date, according to notices from the regulators.

“We expect to move up our consideration of the Volcker rule to December 10 using the seriatim process to coordinate our timing with the other agencies on what is expected to be a joint rulemaking,” Nester said. That process will “enable all of our commissioners to participate in the vote and express their views.”

To contact the reporter on this story: Dave Michaels in Washington at dmichaels5@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net

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