Fed governor calls for relook of Volcker Rule
Jerome Powell says the law does not allow the largest financial institutions to hedge their positions and create markets
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Atlanta
FEDERAL Reserve governor Jerome Powell has urged Congress to rewrite the Volcker Rule that restricts proprietary trading, while calling for "a high degree of vigilance" against the build-up of financial risks amid improving US growth.
"What the current law and rule do is effectively force you to look into the mind and heart of every trader on every trade to see what the intent is," he said at the American Finance Association meeting in Chicago. "Is it propriety trading or something else? If that is the test you set yourself, you are going to wind up with tremendous expense and burden."
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