Help likely is on the way for banks looking to get out from under trading restrictions levied after the financial crisis.
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.
The ultimate goal is to get the FSOC to issue revised guidelines that would give the banks more clarity on permitted activities. While President Donald Trump has talked about repealing the broader Dodd-Frank rules put in place after the crisis, there appears to be little political will for overturning the entire legislation, both for logistical reasons and a desire for Republicans not to look soft on Wall Street.