On May 23, the Federal Reserve Board issued a notice announcing it will meet on May 30 to consider a proposal to modify the Volcker Rule. Section 13 of the Banking Holding Company Act currently restricts banks from engaging in proprietary trading and restricts their ownership of certain funds. As previously discussed in InfoBytes, last month the House passed the “Volcker Rule Regulatory Harmonization Act,” which, among other things, would provide clear exemptions for banking entities with $10 billion or less in consolidated assets or those comprised of five percent or less of trading assets and liabilities. A similar exemption is also included in the bipartisan Senate financial regulatory reform bill, S.2155, which was signed by President Trump on May 24.