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News Release 2018-90
September 4, 2018
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Board of Governors of the Federal Reserve System
Commodity Futures Trading Commission
Federal Deposit Insurance Corporation
Office of the Comptroller of the Currency
Securities and Exchange Commission
Five federal financial regulatory agencies on Tuesday extended until October 17, 2018, the comment period for a proposed rule to simplify and tailor compliance requirements for the “Volcker Rule.” The Volcker Rule generally restricts banking entities from engaging in proprietary trading and from owning or controlling hedge funds or private equity funds.
With the extension, the Federal Reserve Board, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission will have provided interested parties with approximately four and a half months from the date the proposal was released to the public to submit comments.
The proposal was released by the agencies in early June with a 60-day comment period that began after publication in the Federal Register on July 17.