Chairmen of the House Financial Services Committee requested to postpone the Volcker Rule until 2015 only three weeks after U.S. regulators said they would delay the Jan. 1 start date for new capital requirements.
"Regulators already have blown past the July 2012 completion date for rulemaking mandated under Section 619 of the Dodd-Frank Act. Now, outgoing House Financial Services Committee Chairman Spencer Bachus, R.-Ala., and Jeb Hensarling, the Texas Republican selected to replace him, are requesting that once a final version of the rule gets promulgated, regulators hold off two years before putting it into effect," writes American Banker's Victoria Finkle.
If regulators were to delay compliance requirements by two years as both Bachus and Hensarling have requested, that would postpone the Volcker Rule, the anti-proprietary trading regulation named for former Federal Reserve Chairman Paul Volcker, to 2015 at the earliest for its effective date.
For the full piece see "From the House, a Request To Delay the Volcker Rule" (may require subscription).