... its current form, completed in 2013, has been pilloried by bank executives as complex, opaque and unworkable, and Quarles agrees. "I believe the regulation implementing the Volcker rule is an example of a complex regulation that is not working well," said Quarles, according to prepared remarks. "I have heard nothing but support from all of my regulatory colleagues for the proposition that the regulation is overly complex and would benefit from streamlining."

Quarles said all five regulators sharing responsibility for the rule are cooperating with the rewrite effort, and hopes to produce a new proposed rule "with dispatch."


Specifically, Quarles said regulators are working to simplify key terms that define the rule's boundaries, including "proprietary trading" and "covered fund." Banks say the current definitions are muddy and accidentally envelop activity never intended to be captured by the rule.

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