[20191210]LSB10382_修订沃尔克规则：《经济增长、监管救济和消费者保护法》第203节和第204节.pdf

CRS Legal Sidebar Prepared for Members and Committees of Congress Legal SidebarLegal Sidebari i Revising the Volcker Rule: Section 203 and Section 204 of the Economic Growth, Regulatory Relief, and Consumer Protection Act December 10, 2019 When Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, Section 619, otherwise known as the “Volcker Rule,” proved particularly consequential. Named after former Federal Reserve Chairman Paul Volcker, who had long criticized certain banking practices that he felt were at odds with conventional banking principles, the Volcker Rule prohibits banks and affiliates from, among other things, (1) engaging in proprietary trading, and (2) owning or sponsoring hedge funds and private equity funds. These prohibitions are subject to several exemptions and restrictions, including those relating to underwriting, market making, and risk-mitigating hedging activities. Defenders of the Rule argue that it keeps banks from engaging in risky trading activities. Critics have argued that the Rule is overly complex, ambiguous, and may decrease market liquidity. In 2018, Congress addressed some of this criticism by amending the Volck