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Report: Regulators teaming up to revise Volcker Rule

Five financial regulators have begun working in tandem to rewrite the Volcker Rule, with the revisions expected to provide big banks better flexibility in client trades, private equity investments and hedge funds, Bloomberg News reported Aug. 1.

Citing "three people familiar with the matter," the news outlet said that the discussions are not public. Bloomberg added that the revision is the closest thing the Donald Trump administration can come to rolling back post-crisis regulation – short of having the rule repealed by Congress.

U.S. Treasury Secretary Steven Mnuchin has said in the past that there are "significant changes" planned for current financial rules, which include the Volcker rule ban on certain types of trading by banks, the orderly liquidation authority, and some aspects of the bankruptcy code.

Spokesmen for the five agencies declined to issue a statement on the rewrite, but Mnuchin told Bloomberg in an emailed statement that a "thorough and constructive dialogue" on the Volcker Rule was done last week, where "[Financial Stability Oversight Council] member agencies shared many good ideas on how the Volcker Rule could be improved."

One source of the report also told Bloomberg that regulators aim to issue a proposal detailing the revisions by the end of the year.