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Statement Of U.S. Treasury Secretary Lew On The Volcker Rule

Date 10/12/2013

“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."

Dissenting Statement Regarding Adoption Of Rule Implementing The Volcker Rule - SEC Commissioner Daniel M. Gallagher

Date 10/12/2013

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.

US Federal Agencies Issue Final Rules Implementing The Volcker Rule

Date 10/12/2013

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").

Statement On The Volcker Rule: Reducing Systemic Risk By Banning Excessive Proprietary Trading With Depositors’ Money - SEC Commissioner Luis A. Aguilar

Date 10/12/2013

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.

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

Date 10/12/2013

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.

Statement Regarding Adoption Of Rule Implementing The Volcker Rule - SEC Commissioner Kara M. Stein

Date 10/12/2013

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. 

"High Roller's Room" - Statement Of CFTC Commissioner Bart Chilton

Date 10/12/2013

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.

Statement Regarding Adoption Of Rule Implementing The Volcker Rule, Commissioner Michael S. Piwowar, U.S. Securities And Exchange Commission, Dec. 10, 2013

Date 10/12/2013

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. 

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

Date 10/12/2013

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.

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

Date 10/12/2013

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.