The market has welcomed the Office of the Comptroller of the
Currency (OCC) request for public comment on the Dodd-Frank
Act’s two-year old Volcker rule.
In the August 1 notice the OCC, one of the five agencies to
initially approve the rule in 2010, requested public assistance
in 'determining how the final rule implementing section 13 of
the Bank Holding Company Act (commonly referred to as the
'Volcker rule’) should be revised to better
accomplish the purposes of the statute’.
"I see this action by the OCC as part of a broader
recognition that it is time to step back and do a comprehensive
review of the rule," said Jim Sivon of counsel at
Squire Patton Boggs. "This would be specifically as to its
market impact, its safety and soundness, and whether there
could be some revisions to it."
Sivon referred to the point made by Federal Reserve...