U.S. considering ‘material changes’ to ‘Volcker Rule’: Fed’s Quarles

By Pete Schroeder

WASHINGTON (Reuters) – The chief regulator for the U.S. Federal Reserve said Monday the nation’s regulators are actively considering a significant rewrite of the “Volcker Rule.”

Fed Vice Chair for Supervision Randal Quarles told bankers gathered in Washington that regulators want to make “material changes” to streamline and simplify several aspects of the ban on certain bank trading, put in place after the 2007-2009 financial crisis.

He added that certain foreign funds currently exempt from the rule’s requirements will likely remain exempt while changes are considered.

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