Once in a while, I find myself looking at a universal truth that the rest of the world holds dear, and for the life of me I just can’t sign on to it. Everybody is cooing about the unicorn in the pasture, but it sure looks like a rhinoceros to me; and when I ask people to explain it, I get blank stares or a defensive, “It is TOO a unicorn!” before the cooing begins …
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The Volcker Rule is the nickname of Section 619 of the Dodd-Frank Act, which addresses prohibitions and restrictions on proprietary trading and certain interests in, and relationships with, hedge funds and private equity funds. Though first proposed in 2011, and was supposed to be finalized by July 2012, the rule has been delayed by lobbying by banks, as well as changes in the scope of the rule.
The FDIC, Federal Reserve, SEC and CFTC have all planned meetings on December 10, 2013, to consider the final rules on proprietary trading.
