Rep. Maloney Raises Questions About Volcker Rule

On Monday, August 29th, Rep. Carolyn Maloney (D-NY), the Ranking Member on the Capital Markets and Government Sponsored Enterprises Subcommittee, sent a letter to the Federal Reserve, Securities and Exchange Commission, Federal Deposit Insurance Corp., the U.S. Commodity Futures Trading Commission and the Office of the Comptroller of the Currency (collectively, the agencies), with regard to the ongoing implementation of the Volcker Rule.

In her letter, Ms. Maloney requested information about certain quantitative trading metrics that the agencies had been collecting.

“The agencies currently have nearly two years of quantitative trading data, spanning periods both before and after the effective date of the proprietary trading ban,” Ms. Maloney stated, believing that these metrics “can provide important information not only about the efficacy of the Volcker Rule, but also about the general trading activities of U.S. banks, and the degree to which these trading activities have changed over the past two years.”

According to a recent New York Times article, this data could help inform the debate over the rule’s impact and other broader discussions regarding post-crisis regulation and its influence on the financial system.

If you would like to join SFIG’s Volcker Task Force, please contact Alyssa.Acevedo@sfindustry.org.

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