WASHINGTON — More than 120 House members, most of them Republicans, are asking regulators to push back their schedule for implementing the Volcker rule's restrictions on proprietary trading.
In a letter released Thursday by Rep. Randy Neugebauer, R-Texas, the lawmakers asked the Federal Reserve Board and other regulators to extend the comment period for the proposal, which is scheduled to end on Jan. 13.
They also asked the regulators to consider writing an interim proposed rule — taking into the comments they receive — and to extend the Volcker Rule's implementation deadline, currently set for July 2012.
"Given the short timeline for comment and the rapidly approaching July 2012 implementation deadline, concerns have been raised that affected stakeholders will not have a sufficient opportunity to examine the rule and provide meaningful comment, and that regulators will not have adequate time to digest these comments," the letter states.
The letter goes on to argue that the proposal would result in higher borrowing costs for U.S. businesses, hurting economic growth and job creation.