Bank Lobby’s Onslaught Shifts Debate on Volcker Rule

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Bank Lobby’s Onslaught Shifts Debate on Volcker Rule

Bank Lobby’s Onslaught Shifts Debate on Volcker Rule

The fight over the Volcker rule is shifting in Wall Street’s favor.

After a four-month lobbying blitz led by firms including Goldman Sachs Group Inc. (GS),JPMorgan Chase & Co. (JPM) and Credit Suisse Group AG (CSGN), U.S. regulators and lawmakers are signaling they’re receptive to delaying and revising their plan to stop banks from making speculative trades on their own accounts.

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Representative Barney Frank, a Massachusetts Democrat and co-author of the 2010 law mandating the ban, urged regulators last week to simplify their first draft, while a bipartisan group of senators proposed pushing back its effective date.

 

Banking executives have long seen the rule as one of the most threatening parts of the Dodd-Frank regulatory overhaul, an assault on a lucrative line of business that comes branded with a name, that of ex-Federal Reserve Chairman Paul Volcker, garnering worldwide respect. Compliance and capital costs alone could reach $1 billion annually, the U.S. Office of the Comptroller of the Currency has said.

 

Full story: http://bloom.bg/GQGURh

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