Treasury Proposes “Volcker Rule” Legislative Text

by  Annette Nazareth, for The Harvard Law School Forum at Harvard Law School, March 16, 2010.

On March 3, 2010, the Department of the Treasury delivered to the Hill proposed legislative text to implement the “Volcker Rule” announced by the Obama Administration on January 21st. The following bullets briefly summarize the provisions of Treasury’s proposal, which takes the form of new sections 13 and 13a of the Bank Holding Company Act of 1956.

Prohibition on Proprietary Trading

Not self-executing. The “appropriate Federal banking agencies” are directed by statute to prohibit proprietary trading by covered companies.

Who is covered?

  • Insured banks and thrifts; bank, thrift and other depository institution holding companies; and any company “treated as a bank holding company for purposes of the [Bank Holding Company Act]”, including
    • foreign banks with a U.S. branch, agency or commercial lending company subsidiary (but subject to Section 4(c)(9) exemption discussed below)…(continue reading)

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