A bipartisan group of 17 members of the House Financial Services Committee sent a letter last Friday to regulators expressing their concerns about certain provisions relating to insurance companies contained in the recently proposed rulemaking on the Volcker Rule. The Volcker Rule was a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act that bans federally insured depository institutions from engaging in proprietary trading or investing in certain things such as hedge funds. The letter was sent to the regulators tasked with implementing the rule – the Federal Reserve, Securities and Exchange Commission, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation.
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