FOR IMMEDIATE RELEASE
January 12, 2015
Bipartisan measure leaves Volcker Rule intact
Washington, DC – The Financial Services Roundtable (FSR) sent a letter to Speaker of the House John Boehner (R-OH) and Minority Leader Nancy Pelosi (D-CA) today urging them to suppoert passage of H.R. 37, a collection of bipartisan measures that helps U.S. job creators raise needed capital while clarifying several Dodd Frank Act provisions.
The bill includes a provision that would allow banking institutions more time to conform their collateralized loan obligations (CLOs) with new Dodd Frank requirements under the Volcker Rule. The provision leaves the Volcker Rule 100 percent intact.
“FSR supports the bipartisan efforts of the House to debate and approve legislation aimed at building a more stable and prosperous financial system. We believe that H.R. 37’s technical changes to the Volcker Rule contained in the Dodd Frank Act will improve the underlying statute while keeping the Volcker Rule fully in place,” FSR’s EVP of Government Affairs Francis Creighton wrote in the letter. “This bill’s changes would allow financial institutions more time to conform their holdings of collateralized loan obligations under new regulations adopted under the Volcker Rule. This time extension will help ensure that an important market for corporate financing is not disrupted. This is a minor, but important change in timing that will be beneficial to the economy.”
The full letter can be found here: http://bit.ly/1IGLd0A
FSR released a blog posting this week explaining why the CLO extension is important to financial and businesses institutions of all sizes in encouraging job and economic growth while promoting safety and soundness in the financial system.
You can read the blog here: http://fsroundtable.org/house-bill-good-economy-leaving-volcker-rule-intact/
For more information, contact Alison Hawkins at Alison.Hawkins@FSRoundtable.org
The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs. Learn more at FSRoundtable.org.