The House Financial Services Committee held a hearing on December 13, entitled “Examining the Impact of the Volcker Rule on Markets, Business, Investors and Job Creation, Part II.” BDA submitted testimony highlighting concerns regarding the Volcker Rule with respect to (1) ensuring that all municipal securities are exempted from the proprietary trading ban (not just governmental bonds); (2) defining and providing a safe harbor for principal trading within bank-affiliated broker dealers; (3) ensuring that the underwriting exemption under the Volcker Rule is sufficiently clear, and (4) excluding tender option bond trusts from the definition of a covered fund.
To view BDA’s complete testimony, click [here].
Reps. Bachus (R-AL) and Hensarling (R-TX) sent a letter asking the five agencies promulgating the Volcker Rule to delay the effective date two years.
To view this letter, please click here.
On September 7, 2012, BDA wrote a letter to the House Financial Service Committee Chairman Spencer Bachus urging modifications to the Volcker Rule that (1) exempt all types of government and municipal bonds from the Rule, and (2) preserve the ability of broker-dealers to continue to facilitate trading for their customers. This was in response to a specific request from the Chairman for input as he plans a hearing regarding a potential Volcker Rule alternative.
To view this letter, please click here.
