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U.S. business lobby calls for trade officials to review Volcker rule

Dec 12 2012 Emily Stephenson, Reuters

The U.S. Chamber of Commerce is asking federal officials to consider whether a proposed proprietary trading ban undermines U.S. trade policy, part of an ongoing effort by industry groups to push back against the so-called Volcker rule. The controversial rule, which is required by the 2010 Dodd-Frank Wall Street reform law, would block banks from making speculative trades with their own money. It was named for former Federal Reserve Chairman Paul Volcker, who pushed for the ban. In a letter dated Monday, the powerful business lobbying group c alled for U.S. Trade Representative(USTR) Ron Kirk to review the proposed Volcker rule, which has yet to be finalized by federal banking and financial market regulators. The chamber said the rule could violate free trade obligations because foreign sovereign debt would be covered by the new rule, while U.S. government bonds are exempt. "The Volcker Rule's discriminatory provision certainly does, at a minimum, send the

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