[ad_1]
Business
A US banking regulator announced on Tuesday that it has approved a final rule simplifying the "Volcker rule", which limits risky bank transactions in search of profits.
PHOTO FILE: Joseph M. Otting speaks after being sworn in as controller of the currency in Washington, DC, on November 27, 2017. REUTERS / Joshua Roberts
WASHINGTON (Reuters) – A US banking regulator announced on Tuesday that it has approved a final rule simplifying the "Volcker Rule", which restricts banks' risky operations in search of profits.
Joseph Otting, controller of the currency, said in a statement that he approved the rule, which addresses the "inefficient complexity" in an earlier version that may have limited responsible banking activity.
The Office of the Money Monitor is one of five regulators responsible for enforcing the rule; the other four are expected to sign the new rule in the near future.
Otting did not provide any details on the content of the final rule. But the rule should be a simplified version of what regulators proposed in May 2018, after responding to banks' concerns.
(Report by Pete Schroeder)
[ad_2]
Source link