At a closed-door meeting earlier this week, Treasury Secretary Steven Mnuchin directed five regulatory agencies to review the so-called Volcker rule, which prohibits banks from trading for their own accounts, according to a Bloomberg report.
The rule is designed to reduce risks at big financial institutions and head off the need for the kinds of bailouts needed during the crisis. However, banks complain that it has constricted their operations and reduced revenues.
Mnuchin’s directive is similar to others from the White House that have sought reviews of the myriad regulations put in place under the Obama administration. The meeting came with the 15 agencies that comprise the Financial Stability Oversight Council, according to Bloomberg.