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Date 10/12/2013
Statement Of U.S. Treasury Secretary Lew On The Volcker Rule
“With today’s approval of the Volcker Rule, regulators have taken a critical step toward completing implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Volcker Rule will change behavior and practices in our financial markets to safeguard taxpayers from risks created by banks’ proprietary trading and investments in hedge funds and private equity funds."
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Date 10/12/2013
Dissenting Statement Regarding Adoption Of Rule Implementing The Volcker Rule - SEC Commissioner Daniel M. Gallagher
Twenty-one months ago, I expressed my grave concerns regarding the rulemaking process for the implementation of the Volcker Rule, stating:
The aggregate impact of the rulemakings we and our fellow regulators are promulgating is massive, the costs are enormous, and we are doing so at a time when our economy is still hopefully limping towards recovery. These factors all argue for an approach that is careful, systematic, but most importantly regulatorily incremental...We must avoid regulatory hubris and should not regulate--particularly where the changes are so novel or comprehensive--with the belief that we completely understand the consequences of the regulations we may impose. In many of these areas, including Volcker, missing the mark could have dire and perhaps irreversibly negative consequences.
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Date 10/12/2013
US Federal Agencies Issue Final Rules Implementing The Volcker Rule
Five federal agencies on Tuesday issued final rules developed jointly to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule").
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Date 10/12/2013
Statement On The Volcker Rule: Reducing Systemic Risk By Banning Excessive Proprietary Trading With Depositors’ Money - SEC Commissioner Luis A. Aguilar
The recent financial crisis and subsequent events show the dangers that can result when banks trade for their own accounts while disregarding their customers’ interests. During the financial crisis, U.S. taxpayers were forced to cover losses sustained by major financial institutions that resulted from speculative proprietary trading activities. While several factors combined to cause the financial crisis, proprietary trading by major financial institutions was a key contributor to that crisis. In particular, proprietary trading by deposit-taking institutions exposed a bank’s capital—and FDIC-insured deposits—to unacceptable risks and saddled taxpayers with massive losses.
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Date 10/12/2013
Federal Reserve Board Announces Banking Entities Covered By Section 619 Of The Dodd-Frank Act Are Required To Fully Conform Their Activities By July 21, 2015
The Federal Reserve Board on Tuesday announced that banking entities covered by section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act will be required to fully conform their activities and investments to the statute and regulations by July 21, 2015.
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Date 10/12/2013
Statement Regarding Adoption Of Rule Implementing The Volcker Rule - SEC Commissioner Kara M. Stein
I am pleased that the Securities and Exchange Commission (SEC) will today join its fellow federal financial regulators in finalizing important protections against the risks and conflicts of interest inherent in banks’ proprietary trading and relationships with hedge funds and private equity funds.
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Date 10/12/2013
"High Roller's Room" - Statement Of CFTC Commissioner Bart Chilton
I’m pleased to be voting on a final Volcker Rule. Frankly, two-and-a-half weeks ago, I had grave doubts about getting this done in a meaningful fashion. It had become weaker than the original proposal. But, thankfully, and I thank the Chairman for his tireless efforts, we have a rigorous and robust rule before us.
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Date 10/12/2013
Statement Regarding Adoption Of Rule Implementing The Volcker Rule, Commissioner Michael S. Piwowar, U.S. Securities And Exchange Commission, Dec. 10, 2013
The Securities and Exchange Commission (“SEC” or “Commission”), the Commodity Futures Trading Commission, the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the “Rulemaking Agencies”) today approved a coordinated rule to implement Section 619 of the Dodd‑Frank Wall Street Reform and Consumer Protection Act (“Dodd‑Frank”), commonly referred to as the “Volcker Rule.” The final rule adopted today is substantially different from the rule that was proposed over two years ago.[1] In my view, the extent of these changes necessitates a reproposal of the rule and an opportunity for public comment. Therefore, I am not able to support the adoption of the rule.
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Date 10/12/2013
Spend On Financial Crime Counter Measures Remains Strong, Despite Difficult Economic Climate For FS Companies - Nearly Half Of Respondents Say Investment Will Increase By Up To 20% In Key Areas
According to a survey from BAE Systems Detica, spend on financial crime counter measures remains a priority for businesses globally. The “Financial Crime Survey 2013”1 reveals that investment by many global businesses in operational risk, anti-fraud and compliance solutions is increasing, as the threat of financial crime becomes more acute.
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Date 10/12/2013
Dissenting Statement Of CFTC Commissioner Scott D. O’Malia - Prohibitions And Restrictions On Proprietary Trading And Certain Interests In, And Relationships With, Hedge Funds And Private Equity Funds
I respectfully dissent from today’s Commission vote on the final rule implementing section 619 of the Dodd-Frank Act, commonly known as the “Volcker Rule.” I cannot support a rulemaking that undermines the regulatory process, nor clearly delineates the Commission’s new jurisdiction and enforcement authority under section 13 of the Bank Holding Company Act of 1956 (“BHC Act”) and fails to include procedures that afford due process to market participants.
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