WASHINGTON — Top financial regulators will testify on Capitol Hill next week about their proposal to implement the Volcker Rule.
Scheduled to testify at a hearing Wednesday before two House subcommittees are Martin Gruenberg, the acting chairman of the Federal Deposit Insurance Corp., John Walsh, the acting comptroller of the currency, and Daniel Tarullo, a governor of the Federal Reserve System.
Other witnesses at the hearing will include Mary Schapiro, chairman of the Securities and Exchange Commission, and Gary Gensler, chairman of the Commodity Futures Trading Commission.
House Republicans are expected to criticize the 298-page draft proposal to implement the 2010 legislation, which bars bank holding companies from engaging in proprietary trading and investing or sponsoring hedge funds.
The hearing is being billed by Republicans as a chance to evaluate the Volcker Rule in terms of its impact on jobs, the economy, businesses and investors.
"Job-killing government overreach is not what the doctor ordered for our struggling economy," Rep. Scott Garrett, chairman of the House capital markets subcommittee, said in a press release announcing the hearing.
"We need smart, sensible rules that foster economic growth and robust job creation, not unnecessary ones that hamstring our economy and send American jobs overseas."