Volcker comments shows industry doesn't want ‘accountancy prong’

Author: John Crabb | Published: 22 Oct 2018

The scale and depth of comments submitted to US regulators regarding proposed amendments to the Volcker Rule are a clear indicator that the industry craves a significant change. The comment period, which was extended in September, ended on October 19, and a number of agencies published their submitted comments.

Section 619 of the Dodd-Frank Act is generally referred to as the Volcker Rule. Although Dodd-Frank, which aims to repair the US financial system and end too-big-to-fail, came into effect in 2010, shortly after the financial crisis, the Obama-era rule was only fully implemented in July 2015 following significant delays.

Following the victory of President Donald Trump in 2016, the republican-led regulators in charge of the rule - the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, and the Securities and Exchange...