[20181217]LSB10231_分发问题：沃尔克规则豁免引起歧义.pdf

CRS Legal Sidebar Prepared for Members and Committees of Congress Legal SidebarLegal Sidebari i Distribution Problems: Volcker Rule Exemption Raises Ambiguity December 17, 2018 According to a recent report, some large banks are contemplating a legal challenge to a regulation commonly referred to as the Volcker Rule, which (subject to certain exceptions) prohibits federally insured banks from (1) engaging in proprietary trading, and (2) owning or sponsoring hedge funds and private equity funds. Specifically, according to Yahoo! Finance, certain large banks are evaluating whether a provision in the Economic Growth, Regulatory Relief and Consumer Protection Act (P.L. 115-174) that some commentators have interpreted as exempting only small banks from the Volcker Rule in fact exempts a considerable number of large banks as well. The competing interpretations of this provision (Section 203) could have significant implications for the future of the Volcker Rule, as Yahoo! Finance estimates that only the six largest U.S. banks would remain subject to the Rule under a broad reading of the exemption. This Sidebar discusses the Volcker Rule and the interpretive issues with Section 203 that a