Fed will meet on May 30 to consider proposal to modify ‘Volcker Rule’

Finance news

The Federal Reserve will consider a proposal to modify the “Volcker Rule” banning proprietary trading by banks at a May 30 meeting of its board, the central bank announced Wednesday.

Federal regulators are expected to announce changes easing some of the rule’s requirements, amid complaints from banks they are too onerous and confusing. The rule, created as part of the 2010 Dodd-Frank financial reform law, bars banks from using funds protected by deposit insurance to make profit-seeking trades if not directed by clients.

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