CFTC Commissioner Bart Chilton delivered a speech urging the Fed to reverse its policy of allowing banks to own physical commodities. Chilton stated that he wrote to Chairman Ben Bernanke urging him to rewrite the Volcker Rule in a "precise and surefooted fashion." Chilton explained he believes that banks owning physical commodities could render the Volcker Rule useless by obscuring "business risk." Commissioner Chilton suggested that banks should get back to banking. Lofchie Comment:One of the problems that Dodd-Frank creates is too many regulators with confused and overlapping jurisdictions
On Tuesday, December 10, 2013, the three federal banking agencies - the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation - as well as the Securities and Exchange Commission and the Commodity Futures Trading Commission approved final regulations implementing Section 619 of the Dodd-Frank Act, a statutory provision more generally known as the "Volcker Rule." The 72 pages of final regulations, with an accompanying 892-page explanatory "Preamble," were issued nearly three and a half years after the
The Board of Governors of the Federal Reserve System added two additional questions and answers to its Volcker Rule FAQs. New question number seventeen deals with compliance procedures for market making desks and the identification of covered funds. New question number eighteen discusses CEO certification for prime brokerage transactions.
MFA, SIFMA, ICI, FIA and the FIA Principal Traders Group weighed in on a broad U.S. Treasury Department request for comments about current regulation of the U.S. Treasury market.
The House of Representatives voted to pass a bill to amend the Bank Holding Company Act to permit a hedge fund or private equity fund to share the same name, or any variation thereof, as a banking entity that is an investment adviser to the hedge fund or private equity fund subject to certain conditions.