Mnuchin: FSOC working on revised Volcker rule

US Treasury secretary wants revamp of prop trading ban; not repeal

US Treasury
The US Treasury department is leading an effort to revamp the Volcker rule

The Treasury Department is working with US banking and markets regulators to simplify the Volcker rule. Treasury secretary Steven Mnuchin said the Financial Stability Oversight Council (FSOC) is co-ordinating an effort to rework the proprietary trading ban to give greater freedom to market-making desks, rather than repealing the measure in its entirety. “With banks and regulated institutions, I don’t think that’s the place to have proprietary trading – within the regulated entity,” he said.