U.S. regulators extend comment period for proposed ‘Volcker Rule’ rewrite

WASHINGTON (Reuters) – U.S. regulators announced Tuesday they were giving the public an additional 30 days to comment on a proposed rewrite of the “Volcker Rule” banning proprietary trading by banks.

The five regulators charged with enforcing the rule will now accept comments until October 17. Regulators unveiled a proposal to simplify the rule at the end of May, after years of gripes from banks that the original rule was too complicated.

The Volcker Rule was a centerpiece of tougher rules established following the 2007-2009 financial crisis, and is aimed at barring banks from engaging in profit-seeking trades with customer funds.

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