September 4, 2018 / 2:03 PM / 3 months ago

U.S. regulators extend comment period for proposed "Volcker Rule" rewrite

WASHINGTON, Sept 4 (Reuters) - U.S. regulators announced Tuesday they were giving the public an additional 30 days to comment on a proposed rewrite of the “Volcker Rule” banning proprietary trading by banks.

The five regulators charged with enforcing the rule will now accept comments until October 17. Regulators unveiled a proposal to simplify the rule at the end of May, after years of gripes from banks that the original rule was too complicated.

The Volcker Rule was a centerpiece of tougher rules established following the 2007-2009 financial crisis, and is aimed at barring banks from engaging in profit-seeking trades with customer funds. (Reporting by Pete Schroeder Editing by Chizu Nomiyama)

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