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The Volcker Rule is section 619[1] of the Dodd–Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. § 1851). The rule was originally proposed by American economist and former United States Federal Reserve Chairman Paul Volcker in 2010 to restrict United States banks from making certain kinds of speculative investments that do not benefit their customers.[2] It was not implemented until July 2015. Volcker argued that such speculative activity played a key role in the 2007–2008 financial crisis. The rule is often referred to as a ban on proprietary trading by commercial banks, whereby deposits are used to trade on the bank's own accounts, although a number of exceptions to this ban were included in the Dodd–Frank law.[3][4]
The rule's provisions were scheduled to be implemented as part of the Dodd–Frank Act on July 21, 2010,[5] with preceding ramifications,[6] but were delayed. On December 10, 2013, the necessary agencies approved regulations implementing the rule, which were scheduled to go into effect April 1, 2014.[7]
On January 14, 2014, after a lawsuit by community banks over provisions concerning specialized securities, revised final regulations were adopted.[8] The rule came into effect on July 21, 2015.[9] On August 11, 2016, several large banks requested a 5-year delay to exit illiquid investments.[10]
On January 30, 2020, the Federal Reserve put forward a proposal to roll back some provisions of the rule, specifically rules that limit bank investment in venture capital and securitized loans.[11] These changes were adopted on June 25, 2020.[12]
- ^ "Notice Regarding Volcker Rule". U.S. Securities and Exchange Commission. 8 February 2011. Archived from the original on 28 December 2011. Retrieved 16 December 2013.
- ^ David Cho, and Binyamin Appelbaum (22 January 2010). "Obama's 'Volcker Rule' shifts power away from Geithner". The Washington Post. Retrieved 13 February 2010.
- ^ "Prop Trading and the Volcker Rule". Retrieved 2011-09-28.
- ^ Floyd Norris (October 13, 2011). "Bank Rules That Serve Two Masters". New York Times. Retrieved 2011-10-14.
- ^ Clarke & Alper, Dave & Alexandra (October 11, 2011), "U.S. reveals Volcker rule's murky ban on Wall St. bets", Reuters, retrieved 2011-10-11
- ^ Touryalai, Halah (March 21, 2012). "Volcker Rule Refugees". Forbes.
- ^ Baer, Justin; Steinberg, Julie (10 December 2013). "Regulators Vote to Back Volcker Rule". Wall Street Journal. Retrieved 10 December 2013.
- ^ Goldstein, Matthew (14 January 2014). "Regulators Ease Volcker Rule Provision on Smaller Banks". DealBook. The New York Times.
- ^ McLannahan, Ben (October 2, 2015). "Old engine of Wall Street is sputtering". Financial Times.
- ^ "Exclusive: Wall St. banks ask Fed for five more years to comply with Volcker rule". Reuters. Archived from the original on 2023-04-04.
- ^ Cheung, Brian (January 30, 2020). "Fed to pare back 'Volcker rule' to expand bank investment in venture capital, securitized loans". Yahoo Finance. Retrieved 2020-01-31.
- ^ "Banks Get Easier Volcker Rule and $40 Billion Break on Swaps". Bloomberg. June 25, 2020. Retrieved June 25, 2020.