Reuters: Economic News: Banks will get guidance on Volcker rule: Fed

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Banks will get guidance on Volcker rule: Fed Mar 22nd 2012, 15:10 WASHINGTON | Thu Mar 22, 2012 11:10am EDT WASHINGTON (Reuters) - A top Federal Reserve official on Thursday sought to reassure banks that they would get clarity on how to comply with the Volcker rule even if financial supervisors are unable to finalize how they will crackdown on banks' trading activities. "There is obviously a real possibility that we don't meet the July 21st date," when the Volcker rule goes into effect, Fed governor Daniel Tarullo told a Senate Banking Committee hearing. "If we are not going to, I think it is incumbent on all the regulators to provide some guidance for firms to let them know exactly what the expectations will be and not let this hang out there as an unknown, and I think we should be able to do that if needed," he said. Banks have raised concerns that if a final rule is not ready by July 21, there could be disruptions in various markets because of a lack of clarity on how to comply with the law.

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