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A Wall Street Ally Leads the Charge to Roll Back the Volcker Rule

  • OCC is said to send draft for revising rule to other agencies
  • Effort spearheaded by bank lawyer Noreika, who briefly led OCC
Bloomberg business news
Powell Says He Supports a Rewrite of Volcker Rule

Wall Street watchdogs appointed by President Donald Trump are evaluating a specific proposal for easing the Volcker Rule, one of the financial industry’s most-hated restrictions because it put shackles on bank trading after the 2008 financial crisis.

A key agency that’s taken a lead in revising Volcker -- the Office of the Comptroller of the Currency -- recently circulated a blueprint to other regulators for making the rule more friendly to banks, said two people familiar with the matter. The draft relies heavily on June recommendations issued by the Treasury Department, which wants to give firms more leeway to trade and soften constraints on their ability to invest in private-equity and hedge funds.