WASHINGTON Feb 27 The U.S. Federal Reserve gave
market parties 30 more days to comment on its plan to submit
Wall Street banks to greater restrictions in dealing physical
commodities, the central bank said on Thursday.
The Fed last month took a first formal step to rein in
banks' ownership of oil tankers, metals warehouses and other
such assets, worried that a major catastrophe could jeopardize
one of the banks it oversees.
"The Board extended the comment period to allow interested
persons more time to analyze the issues and prepare their
comments," the Fed said in a short release.
Banks including JP Morgan Chase and Morgan Stanley
are already reducing the business, a once-lucrative
trading niche that has reaped billions of dollars of revenue
over the years, but is now facing tougher rules.
In what is known as an advanced notice of proposed
rulemaking, the Fed in January launched an optional initial step
in the sometimes years-long process of making new regulations,
seeking public comment.