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Fact Sheet: The Hastily Proposed Covered Funds Proposal Would Permit, If Not Invite, Indirect Speculative Proprietary Trading

On April 1, 2020, Better Markets filed a comment letter on a proposal relating to so-called “Covered Funds” investments under the Volcker Rule’s prohibition on proprietary trading (“Covered Funds Proposal”).  The Covered Funds Proposal was hastily issued by the Board of Governors for the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, and the Commodity Futures Trading Commission (the “Agencies”) on February 28, 2020.