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Banking industry triesto undercut Volcker Rule
Monday, 21, June 2010


NEW YORK As Congress rushes this week to complete the most far-reaching financial overhaul plan in decades, the banking industry is mounting an eleventh-hour end run.Industry lobbyists - and sympathetic members of Congress - are pushing for provisions to undercut a central pillar of the legislation, the Volcker Rule. It would forbid banks from using their own money to make risky wagers on the market and would force them to sell off hedge funds and private equity units.

To secure support for their bill, Senate negotiators are leaning toward a series of exemptions to the Volcker Rule that would allow banks to continue to operate these businesses as investment funds that hold only client money, according to several congressional aides as well as industry officials and lawyers.The three main changes under consideration would be a carve-out to exclude asset management and insurance companies outright, an exemption that would let banks continue to invest in hedge funds and private equity firms, and a delay of up to seven years to enact the changes.
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