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Friday, December 23, 2011

Volcker Comment Period Will be Extended

News summary by MFWire's editors

Asset managers will have more time to comment on the proposed framework to implement the Volcker rule than expected. Reuters reports that U.S. regulators are expected to extend the comment period by 30 days until mid-February.

The report is based on comments from an unidentified source "with knowledge of the decision."

The controversial rule, which is a part of the Dodd-Frank Act, will ban banks from trading their own funds.

House Financial Services Committee Chair Randy Neugebauer (R. Texas) released a December 20 letter addressed to the Federal Reserve, Securities and Exchange Commision, Federal Deposit Insurance Corp and the Office of the Comptroller of the Currency, making a case against the rule. The letter is signed by 117 Republicans and four Democrats.

The lawmakers wrote, "initial reports from asset managers, mutual funds, pension plans and other stakeholders suggest that the rule, as drafted, would result in higher borrowing costs for American businesses, thereby impacting economic growth and job creation."

The current deadline for comments is January 13, but the lawmakers requested an extension of the comment period and requested that a second proposal open for comments be released before the implementation of the final rule. 

Edited by: HFD

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