Today is a crucial day for the rule.
First, the Federal Reserve met in order to introduce the Volcker Rule proposal. That passed.
Now the FDIC is meeting in order to vote on introducing the proposal. The meeting began at 10 AM. At 10:30 AM, the vote was 3-0 to propose the Volcker Rule.
Next, the Securities and Exchange Commission will vote on introducing the measure. That happens tomorrow.
The rule that passed is slightly different from the draft Volcker rule that leaked to press last week. One major change, according to MarketWatch, is that banks and other interested groups have until Jan. 13 to comment on the proposal. In the leaked proposal, interested groups had until Dec. 16 to comment.
Another change will ease the minds of bank CEOs, who would have had to certify that they had adequate compliance controls in place every year if the version floated last January has been passed.
According to MarketWatch:
In the study regulators suggested that agencies consider requiring the CEO to attest to the effectiveness of the new Volcker Rule-imposed internal compliance regime.
However, instead of proposing that CEOs must certify, the draft language asks whether bank CEOs should certify annually that they have adequate compliance procedures in place.
Bank and securities regulators have to agree on the final version. The Federal Reserve and Office of the Comptroller of the Currency presented the draft today.
Business Insider Emails & Alerts
Site highlights each day to your inbox.