Volcker Rule Changes Move Forward After SEC Votes on Overhaul
- Regulator becomes last of five agencies to sign off on plan
- Fed, OCC, FDIC and CFTC previously advanced the proposal
The headquarters building of the U.S. Securities and Exchange Commission in Washington, D.C.
Photographer: Joshua Roberts/Bloomberg
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Regulators appointed by President Donald Trump are a step closer to rolling back the Volcker Rule, a constraint that was key to Washington’s efforts to make banks safer after the 2008 financial crisis.
The Securities and Exchange Commission voted 3-to-2 on Tuesday to seek public comment on the Volcker revamp, the last of five agencies that needed to sign off on the proposal. After reviewing feedback from financial firms, lawmakers and Wall Street critics, regulators will likely hold a second round of votes on whether to make the changes final.