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US CFTC chairman says no agreement yet on Volcker rule final text

Wednesday, 30 Oct 2013 | 12:48 PM ET

WASHINGTON, Oct 30 (Reuters) - U.S. Commodity Futures Trading Commission Chairman Gary Gensler said regulators have not yet agreed on the final wording of the controversial Volcker rule, but he is trying to schedule a commission vote on the rule in December.

Regulators have been working to finish the rule, which is required by the 2010 Dodd-Frank law. The rule was first proposed in October 2011 and would block banks from proprietary trading, or making risky trades with the firms' own money.

Gensler said the CFTC, Federal Reserve, Securities and Exchange Commission and other agencies have not reached an agreement on the final language of the rule.

He said he hopes to reach that decision soon and will try to schedule a CFTC vote on the rule in the second week of December.

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