The Volcker Rule is set to be revamped by a group of five agencies led by the Federal Reserve. The changes, which are set to be approved by regulators next week, will focus on a rewrite of the definition of ‘proprietary trading’, an action which the Dodd-Frank Act currently bans. Some industry participants are concerned by an approach of approving revised rules without another round of proposed changes and public input. “Regulators cannot simply rewrite the scope of the Volcker Rule and the kinds of trades it covers without giving the public the chance to comment on the details of those changes,” said Marcus Stanley, policy director of the consumer advocacy group Americans for Financial Reform. “If they are going to throw out the approach they proposed in 2018, they need to do a new proposal.”

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