October 8, 2019 / 8:30 PM / 12 days ago

Federal Reserve approves simpler 'Volcker Rule' ban on proprietary trading

WASHINGTON, Oct 8 (Reuters) - The Federal Reserve announced on Tuesday it had approved a final rule simplifying the ‘Volcker Rule’ ban on proprietary trading.

The Fed was the fifth and final financial regulator to sign off on the changes, which are aimed at making it easier for banks to comply with the rule barring them from making profit-seeking trades with customer funds.

The simpler rule takes effect on Jan. 1, 2020, and banks will be given one additional year to comply. (Reporting by Pete Schroeder; Editing by Sandra Maler)

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