Why Volcker Rule reform won’t happen quickly
By Lalita Clozel
The Office of the Comptroller of the Currency’s move this week to solicit feedback on rolling back the Volcker Rule was only the first step in a long process, yet observers say it shows how fractured the five agencies tasked with implementing the proprietary trading ban have become. In theory, the regulators tasked with handling the complex rulemaking have all signaled they believe it’s too complicated and needs to be revised. But acting Comptroller of the Currency Keith Noreika jumped out in front by issuing a proposal asking for ways to simplify it. …He “is front-running [the other agencies], that’s for sure,” said Karen Shaw Petrou, a managing partner at Federal Financial Analytics. “It has the advantage of generating hopefully useful public comment, [to which] the other agencies can’t say no.”