Volcker Rule set for vote next week

December 3, 2013
REGULATION
Volcker rule set
for vote next week

U.S. regulators will meet next Tuesday to adopt the final version of the “Volcker rule,” banning banks from making speculative bets with their own money, the agencies said in statements Tuesday.

The Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp. and the Commodity Futures Trading Commission will act on that date, according to notices from the regulators. The remaining agency that needs to approve the rule — the Securities and Exchange Commission — will probably act at about the same time as the others, SEC Chairman Mary Jo White said.

“If one or more of the other regulators have set December 10, I would expect us to act on or about that date as part of that coordination,” she told reporters Tuesday.

The agencies’ approval would be the final stage in the process of adopting the Volcker rule, a centerpiece of the 2010 Dodd-Frank Act designed to prevent a repeat of the 2008 global credit crisis.

The rule is named for former Federal Reserve chairman Paul Volcker, who championed it as an adviser to President Obama. It is aimed at preventing banks with insured deposits and access to discount borrowing from engaging in speculative trading that could threaten their stability.


— Bloomberg News

RESTAURANTS
NE project to include a Busboys and Poets

Andy Shallal, restaurant owner and D.C. mayoral candidate, has signed a lease with the Bozzuto Group to open a Busboys and Poets restaurant as part of the Monroe Street Market project being built in the Northeast Washington neighborhood of Brookland.

The $200 million mixed-use project is on nine acres adjacent to a Red Line Metro station and is being developed in conjunction with nearby Catholic University, Shallal’s alma mater.

The Brookland Busboys will be a 7,400-square-foot restaurant overlooking a public square named for former Catholic University president David M. O’Connell, at Monroe Street and Michigan Avenue. It’s expected to open in fall 2014.

In February, when Shallal said he would open a fifth Busboys in the Takoma neighborhood, he discussed his interest in Brookland. Since then, he announced that he is running for mayor, launching his campaign as a Democrat not at Busboys but at Ben’s Chili Bowl, saying he would make arts a central theme of his campaign, just as it is in his restaurants.

“I want to see artists at every meeting, at every table. . . . They help us to connect our heart with our mind,” he said at his campaign kickoff. “Too many times, politicians try to separate that, they think from the neck up, and that’s not a good way to operate, that’s not a good way to lead.”

— Jonathan O’Connell

ALSO IN BUSINESS

— From news services

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