(Bloomberg) — U.S. regulators implementing Volcker Rule curbs on banks’ trading formed an interagency group to coordinate efforts and reduce chances for companies to play for advantage by exploiting differences.

Top officials of the Federal Reserve, Federal Deposit Insurance Corp. and three other agencies outlined plans for the group in remarks prepared for a House Financial Services Committee hearing yesterday. The regulators were expected to testify amid criticism from Republican committee members that the rule adopted Dec. 10 will stunt economic growth and job creation.

The group was formed in response to complaints from industry groups and lawmakers over the complexity of the rule and potential inconsistencies among the agencies. It first met Jan. 23.

The Volcker Rule trading restrictions were among the most contentious measures arising from Dodd-Frank, passed by a Democratic-led Congress in response to the 2008 credit crisis. Republicans who took control of the House in 2012 elections have targeted the rules — designed to stop banks from speculating with their own capital and to cut investments in private-equity and hedge funds — as part of a broader attack on the regulatory overhaul.

See also: Lawmakers: SEC failed to analyze Volcker Rule

 

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