Volcker Rule pushed back until at least 2014: Fed

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Volcker Rule pushed back until at least 2014: Fed
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - Big banks will have until July 21, 2014 to fully conform to the Volcker Rule, which is regulation that aims to restrict speculative trading by banks with their own money, bank regulators said Thursday. Regulators, including the Federal Reserve, provided the guidance in response to concerns expressed by big banks that they would need to comply with a statutory deadline of July 21, 2012 to adopt rules. The Fed and other bank regulators proposed Volcker rule regulations in October and regulators say they are seeking to write rules by July 2012, but Federal Reserve Chairman Ben Bernanke said in February that it is unlikely that the Volcker rule would be approved by the July deadline set by the Dodd-Frank Act statute that created it.