Bernanke Says U.S. Volcker Rule Won’t Be Ready by July Deadline
This article is for subscribers only.
Federal Reserve Chairman Ben S. Bernanke said the central bank and other regulators won’t meet a July deadline to complete work on the so-called Volcker rule limiting proprietary trading at banks.
The ban is set to take effect by July 21 even if the rule-making is still in progress. It would include a two-year transition period; the Fed could issue one-year implementation extensions on a case-by-case basis after that.