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Speeches and Floor Statements

'Intended [Volcker Rule] to prevent banks from engaging in risky investments’

Rep. Barry Loudermilk (R-GA) House Floor Speech on the Volcker Rule Regulatory Harmonization Act (H.R. 4790).

Summary of H.R. 4790:

• Amends the Bank Holding Company Act of 1956 to exempt from the Volcker Rule banks with total assets:
o Of $10 billion or less, and
o Comprised of 5% or less of trading assets and liabilities. (The Volcker Rule prohibits banking agencies from engaging in proprietary trading or entering into certain relationships with hedge funds and private-equity funds.)
• Grants exclusive rulemaking authority under the Volcker Rule to the Federal Reserve Board (Currently, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity Futures Trading Commission also have regulatory authority under the Volcker Rule.)