Connect to share and comment

CFTC fifth agency to approve Volcker rule

PlacardEnlarge
(Globalpost/GlobalPost)

WASHINGTON (Reuters) - The Commodity Futures Trading Commission on Tuesday adopted the Volcker rule, which bans proprietary trading by banks, according to Bart Chilton, a Democrat member of the derivatives regulator.

The agency's three Democrat commissioners voted in favor, while Scott O'Malia, currently the only Republican on the CFTC, was the only dissenting vote, Chilton said.

The CFTC was the last remaining agency of the five regulators adopting the final Volcker rule on Tuesday.

(Reporting by Douwe Miedema; Editing by Gerald E. McCormick)

http://www.globalpost.com/dispatch/news/thomson-reuters/131210/cftc-fifth-agency-approve-volcker-rule