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

Employers can require their workers to sign arbitration agreements waiving all rights to class-action lawsuits over workplace grievances, a federal appeals court ruled Tuesday. The ruling from the U.S. Court of Appeals for the 5th Circuit overturns a National Labor Relations Board decision that found the agreements conflicted with federal law giving workers the right to pursue collective action to complain about workplace conditions.

A California woman pleaded not guilty Tuesday to what is believed to be the first traffic citation alleging that a motorist was using Google’s computer-in-an-eyeglass, known as Google Glass. Defendant Cecilia Abadie, a software developer, was pulled over in October on suspicion of going 80 mph in a 65 mph zone on a San Diego freeway. The California Highway Patrol officer saw she was wearing Google Glass and tacked on a citation usually given to people driving while a video or TV screen is on in the front of their vehicle. Abadie’s attorney, William Concidine, told the Associated Press that she will testify at a trial scheduled for January that the glasses were not on when she was driving and that they activated when she looked up at the officer as he stood by her window. The device is designed to respond to a head tilt by waking itself up.

Applebee’s is planning to install 100,000 tablets, one at every table and many bars at its more than 1,800 locations by the end of 2014. The E La Carte Presto tablets — powered by Intel — will allow patrons to play video games, pay from their seats and add food and beverages to their existing orders, according to DineEquity, Applebee’s parent company.

Tesla shares surged 16.5 percent, to $144.70, Tuesday after the electric carmaker disclosed that a German investigation into recent fires involving its Model S sedan found no manufacturer-
related defects. The stock has risen nearly fivefold this year but tumbled about 34 percent in the months since the first fire.

— From news services

Coming Today

8:30 a.m.: International trade data for October released.

10 a.m.: New-home sales for September and October released.

2 p.m.: The Federal Reserve releases its “beige book” snapshot of business conditions.

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