Handelslatt Exclusive

Bank of America CEO Calls for Changes to Volcker Rule

The chief executive of Bank of America, Brian Moynihan, told Handelsblatt in an exclusive interview on Thursday that the time was right to introduce changes to the substantial regulations that were passed in the wake of the financial crisis in order to allow banks to extend their lending capabilities and promote economic growth.

“There is general agreement that we need to address the Volcker rule,” Mr. Moynihan said in reference to a rule that restricts banks in the United States from making speculative investments, also known as proprietary trading.

But Mr. Moynihan, who is at the helm of America’s second-largest bank by assets, stopped short of calling for a complete revision of the Dodd-Frank Act, the overarching financial reform introduced to improve accountability in the industry.

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