The Federal Reserve plans to release a fresh revamp of the Volcker Rule in this year’s fourth quarter, after Wall Street assailed an earlier proposed overhaul as not going far enough to ease burdens on banks.
Fed Vice Chairman of Supervision Randal Quarles announced the timeline for issuing a new proposal during a Thursday speech in Washington. He said the regulator is aiming for “early in the fall.”
Quarles said the coming proposal will include changes to what kind of investment funds are covered by Volcker. The regulation’s restrictions on propriety trading will also be addressed, he said.