House Financial Services Committee Votes for Fed to Oversee Volcker Rule

Earlier this week, the House Financial Services Committee approved legislation to give the Federal Reserve primary oversight of the Volcker Rule, according to an article in Reuters. By a vote of 50-10, including 16 Democrats, the committee not only gave the Fed sole authority to revise the rule, but also would require the primary regulator of a particular financial firm sole supervisory authority to ensure compliance with the rule, rather than having five regulators share supervision and enforcement duties.

This was seen as a win for the financial services industry that oft complains of a confusing matrix of regulatory oversight. The overwhelming vote was also seen as a harbinger for the provision’s inclusion in a larger regulatory relief package currently under consideration in the Financial Services Committee as it contemplates the recently passed companion legislation in the Senate.

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