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.
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