Volcker Rule to Undergo ‘Material Changes,’ Fed’s Quarles Says
- Fed vice chairman says all five agencies on board for re-write
- Special attention focused on defining ‘market making,’ he says
Boltansky, Cassidy on Dodd-Frank, Volcker Rule Re-Writes
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Federal Reserve Vice Chairman Randal Quarles says U.S. financial regulators are working quickly to make “material changes” to the Volcker Rule, one of Wall Street’s most hated post-crisis restrictions.
“The Volcker Rule is an example of a complex regulation that is not working well,” Quarles said Monday at an Institute of International Bankers conference in Washington, bringing into greater focus the overhaul effort involving the Fed and four other agencies.