Quarles reveals plan to simplify Volcker rule
Volcker rule is too complex and “is not working well”, says Fed vice-chair
Regulators in the US are working on a package of “material changes” designed to simplify the Volcker rule and alleviate some of its impact on smaller banks, said the Federal Reserve Board’s Randal Quarles on March 5.
The rule, separating banks’ retail activities from proprietary trading, is a key part of post-2008 regulation in the US, but it has been accused of having complex, unclear wording and unintended consequences. Quarles himself criticised the rule on various occasions before his
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