BREAKING NEWS FROM CNBC’S KAYLA TAUSCHE: VOLCKER RULE TARGET DATE SLIDES IN TO 2013 – SOURCES
When: Today, Wednesday, Nov. 28, 2012
Where: CNBC's "Closing Bell"
Following is the unofficial transcript of breaking news from CNBC's Kayla Tausche. Here is a link to the embeddable video: http://video.cnbc.com/gallery/?video=3000132118. Additionally, here is a link to Tausche's story on CNBC.com: http://www.cnbc.com/id/49996992.
All references must be sourced to CNBC.
KAYLA TAUSCHE: WELL SCOTT, REGULATORY SOURCES HAVE TOLD CNBC THAT THAT DEADLINE TO COMPLETE THE VOLCKER RULE IS NOW DELAYED TO THE END OF THE FIRST QUARTER OF NEXT YEAR. PREVIOUSLY REGULATORS HAD AIMED FOR A FINAL DRAFT AT THE END OF THIS YEAR. NOW REMEMBER, THAT RULE PLACES LIMITS ON A BANKS' TRADING CAPABILITIES, SO THE FINANCIAL SECTOR HAS BEEN WATCHING THIS DEVELOPMENT CLOSELY EVER SINCE DODD-FRANK WAS PASSED ABOUT TWO AND A HALF YEARS AGO. NOW, ON DECEMBER 13, A HEARING IS SCHEDULED IN FRONT OF THE HOUSE FINANCIAL SERVICES COMMITTEE, OFFICIALS SAY, FOR MORE FEEDBACK YET ON VOLCKER THIS TIME COMING FROM CORPORATE TREASURERS AND SMALLER BANKS. SO STILL A DEVELOPING STORY BUT TOMORROW DON'T MISS VOLCKER HIMSELF ON CNBC IN AN INTERVIEW AIRING ON SQUAWK BOX. BUT FOR NOW GUYS, THAT RULE PUSHED OUT AT LEAST INTO Q-1 NEXT YEAR.
ith CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 390 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 16 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 8:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide.
CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.
Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/