Financial regulators said they plan to make it easier to let banks invest in venture capital funds and also relax limitations on derivatives trading. The moves are a loosening of some of the more onerous parts of the so-called Volcker Rule.
New York Federal financial regulators said Thursday they plan to make it easier to let banks invest in venture capital funds and also relax some limitations on derivatives trading. The moves, a loosening of some of the more onerous parts of the so-called Volcker Rule, lifted bank stocks.
The Volcker Rule, part of the broader Dodd-Frank bill enacted in 2010 following the meltdown of big banks in 2008, sought to crack down on risky behavior by Wall Street firms. It was named after former Federal Reserve chair Paul Volcker, who passed away in December. Many banks and brokerages were using their company's own money to invest in derivatives such as mortgage-backed securities and other complex financial instruments.
Former Fed chair Paul Volcker dead at 92 01:37But the Federal Deposit Insurance Corporation along with the Fed, Office of the Comptroller of the Currency, Securities and Exchange Commission, and Commodity Futures Trading Commission, said Thursday that was issuing a new rule to modify and clarify some of these restrictions.
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