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Bernanke Says Volcker Rule Will Be Delayed

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A final version of the Volcker Rule won't hit the streets by the July 21 deadline imposed by the Dodd-Frank Act. That was the announcement Federal Reserve Chair Ben Bernanke made during a congressional hearing the first week of March. The Volcker Rule will prohibit banks from proprietary trading and limit their investments in private equity companies and hedge funds. There are five federal agencies in the process of writing a final rule implementing the Volcker Rule. The Federal Reserve (the Fed) has taken the lead as primary rule writer, hence Bernanke's public statement, which was clearly a response to the firestorm of criticism produced by the proposed rule issued by the Fed.

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