Schulte Roth & Zabel posted an alert last week that on March 22, 2012, legislation was introduced in the Senate proposing to delay the effective date of the Volcker Rule by one year. The delay would provide regulators with extra time to work through the thousands of comment letters it has received.
Here is an excerpt from the Schulte Roth & Zabel Alert:
Today, a bipartisan group of senators introduced legislation that would delay the effective date of the Volcker Rule, which is currently scheduled to occur on July 21, 2012, until 12 months after the federal financial regulators issue their final rule implementing the statutory provision. The Volcker Rule is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) and restricts the proprietary trading and private investment fund activities of U.S. banks and bank affiliates, as well as foreign banks with banking operations in the United States and their affiliates.
See the full alert here.