U.S. regulators have begun work to ‘streamline’ Volcker Rule: Fed official

WASHINGTON (Reuters) – U.S. financial regulators have begun work to “streamline” the Volcker Rule banning banks from making risky bets with their own money, the country’s top banking regulator said on Friday.

Randal Quarles, vice chairman for supervision at the Federal Reserve, told a conference in Washington that the five agencies that oversee the rule were working on a proposal but warned it would “take a bit of work for the agencies to congeal around a thoughtful Volcker Rule 2.0.”

Banks have long complained that the rule, introduced in the wake of the 2008 financial crisis, is too onerous and difficult to comply with.

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