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US CFTC chairman says hopes to vote on Volcker rule in December

Wednesday, 30 Oct 2013 | 12:26 PM ET

WASHINGTON, Oct 30 (Reuters) - The head of the U.S. Commodity Futures Trading Commission said he would try to schedule a vote in December on the controversial Volcker rule to ban proprietary trading by banks.

Regulators have said they hope to finish the rule, which is required by the 2010 Dodd-Frank law and would prevent banks from making risky trades with their own money, by the end of the year. An initial version was proposed in October 2011 but was never made final.

CFTC Chairman Gary Gensler said on Wednesday that he would try to hold a vote on the rule in the second week of December.

(Reporting by Emily Stephenson; Editing by Gerald E. McCormick)