Milbank Financial Institutions Regulation partner Douglas Landy was quoted in a Thomson Reuters article titled “INSIGHT: A U.S. bank regulator opens debate on Volcker revision, a rocky path awaits.” The article discussed The Office of the Comptroller of Currency’s recent announcement that it is seeking public input on how to reform the Volcker rule, which bans banks from proprietary trading. Mr. Landy comments, “There are ways of tightening up the interpretation of the rule to clear up some gray areas around market making” and states, “only a small percentage of major U.S. banks are active in such trading.” Mr. Landy adds, “There is a lot of momentum to revisit the Volcker rule and I don’t doubt that the agencies want to make chances, but first you have to wait until the heads of all the agencies are in place.”
