Wall St banks ask Fed for 5 more years to comply with Volcker rule
New request, which was widely expected, concerns only 'illiquid' fund investments
Sat, Aug 13, 2016 - 5:50 AM
DAMNED IF YOU DO . . .: The Fed risks criticism for giving Wall Street more wiggle room, but also risks blame for fire-sale losses or for banks like Goldman Sachs and their investor clients getting tied up in court over hasty exits.
BIG Wall Street banks are asking the US Federal Reserve to grant them an additional five-year grace period to comply with a financial reform regulation known as the Volcker rule, people familiar with the matter say.
If the Fed agrees, the extension would give banks more...