Wall Street Gets Win as Fed Set to Ease Volcker Trade Limits
- Plan would roll back restrictions, reduce compliance costs
- Fed is first of five agencies to seek comment on proposal
Fed to Start Rolling Back Volcker Rule
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Wall Street’s long campaign to chip away at the toughest trading restriction imposed on banks after the financial crisis is finally paying off under President Donald Trump.
The Federal Reserve Board, now led by Trump appointees, on Wednesday took the most concrete step yet to roll back the Volcker Rule, which was key to Washington’s efforts to make the industry safer after the 2008 meltdown. Fed governors voted 3-0 to seek comment on proposed changes, kicking off an administrative process aimed at significantly reducing compliance costs for financial firms such as Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co.