Thursday, September 20, 2012
Rep. King Will Introduce Bill Guaranteeing Int'l Comparability of Volcker Rule
Rep. Peter King, (R-NY), a senior member of the Financial Services Committee, will introduce legislation, the U.S. Financial Services Global Viability Act. mandating that enforcement of the Volcker Rule be suspended until the US Treasury can certify that other international jurisdictions have adopted and are abiding by similar statutory rules on proprietary trading and sponsoring hedge funds by financial institutions. The bill targets nine specific jurisdictions, UK, Germany, France, Japan, China, Canada, Mexico, Brazil and Switzerland. The certification by Treasury must be determined after interested parties are given an opportunity for a hearing. The parties are also entitled to judicial review in the DC Circuit.