U.S. regulators are considering whether to give banks more time to comply with the Volcker rule, which bans them from gambling with their own money, Federal Reserve Vice-Chair Janet Yellen said in a Nov. 18 letter. Yellen, nominated by President Barack Obama to lead the Fed, did not say whether an extension would be granted, but pointed out that the law permits regulators to give banks up to three one-year extensions if necessary. "The Board will ... consider the public interest in granting an extension of the conformance period," Yellen wrote to Mike Crapo, a Republican, responding to follow-up questions posted a hearing into her confirmation. Regulators are struggling to reach consensus on the complex issues entailed by the rule, a crucial part of the 2010 Dodd-Frank act that was adopted to make investment banks safer and prevent a repeat of the 2008 credit crisis. Treasury Secretary Jack Lew has told the five regulatory agencies involved to get the work done before the end
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