U.S. banking regulators on Tuesday approved changes easing a rule introduced aft...
The new rule gives banks more leeway in terms of trading activity, and simplifies how banks can tell if that trading is permitted by law.
“Trump regulators continue to open a Pandora’s box of risky trading and speculation at the expense of American taxpayers,” Senator Sherrod Brown, the top Democrat on the Senate Banking Committee, said in a statement. That proposed “accounting test” was meant to replace a more subjective test that aimed to identify whether a trader intended a trade to be speculative. But banks argued it could apply to a host of additional financial instruments not meant to be covered by the rule.
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