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Treasury’s Mary Miller Says Finishing Volcker Rule Not Simple

Mary Miller, the U.S. Treasury’s undersecretary for domestic finance, said completing the Volcker rule ban on proprietary trading isn’t “as easy or simple as any of us would like.”

Miller, in remarks prepared for a speech in Chicago today, said “we are making steady progress on the Volcker rule.” The rule, named for former Federal Reserve Chairman Paul Volcker, is a provision of the 2010 Dodd-Frank Act limiting proprietary trading by banks that take consumer deposits.

On the so-called Basel III international bank-capital proposals, Miller said she thinks that “while we strongly believe that finalizing the regulations is critically important for certainty and planning, we also believe there are merits to considering alternative, simpler approaches to rules that apply to community banks.”

U.S. banking regulators pledged earlier this week to write capital rules shaped by community-banker concerns. Officials from the Federal Reserve, Federal Deposit Insurance Corp. and Office of Comptroller of the Currency said at a Senate Banking Committee hearing on Nov. 14 that they would “tailor” the Basel rules as appropriate to community banks.

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