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Commissioners Gallagher and Paredes Support Reproposing Volcker Rule

In recent speeches, Commissioner Daniel M. Gallagher and Troy A. Paredes supported a reproposal of the Volcker Rule.  Both stated that, based on the extensive comments the SEC has received to date, the proposed rule requires significant changes.  Given the extent of the revisions, they believe the SEC would benefit from another additional feedback through a reproposal of the rule.

In Commissioner  Paredes words: "[T]he stakes are high enough that we should stand ready to take advantage of another round of notice-and-comment to help ensure that our attempt to fashion the Volcker Rule regime does not miss the mark a second time."  Similarly, Commissioner Gallagher stated: "We owe it to investors and all market participants to review each and every comment letter with the goal of learning more about the potential real-world impact of the rules, and given the extensive revisions that I believe the proposed rule requires, we owe it to them to provide another opportunity to comment on a set of reproposed rules."