DML News is the most efficient, fair, and balanced news aggregation service on the internet. In our ongoing effort to educate and inform people about what is being published and reported around the world, DML News offers the following information:
Published by REUTERS.COM
WASHINGTON (Reuters) – The U.S. House of Representatives voted on Friday to name the Federal Reserve as the primary regulator for the “Volcker Rule,” which bars banks from speculative trading.
The bill, which was approved by a vote of 300-104, would streamline the rule which is currently enforced by five separate regulators.
It is important to note that the article goes on to state the following:
The degree of bipartisan support for the measure suggests House lawmakers may try to include it in a broader bill easing bank rules that has already passed the Senate.
The Volcker rule, finalized three years after the Dodd-Frank financial reform law passed in the wake of the 2007-2009 financial crisis, restricts U.S. banks from making certain kinds of speculative transactions on their own account and from investing in hedge funds.