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Banks Asked How the Volcker Rule Should Be Revised

  • OCC calls for public input as five agencies begin rule rewrite
  • Agencies agreed last week to start reboot on Dodd-Frank limits
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Goldman CEO Calls the Volcker Rule 'Cumbersome'

Wall Street banks are being invited by one of their key watchdogs to offer guidance for how to revise the Volcker Rule, one of the industry’s least favorite regulations.

The Office of the Comptroller of the Currency said Wednesday that it is seeking public comment on the Dodd-Frank Act measure that restricts banks’ ability to place market bets with their own capital. The move comes less than a week after the OCC and the four other agencies responsible for the rule agreed to begin rewriting the rule, according to three people with knowledge of the regulators’ discussions.