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WASHINGTON, Dec 12 (Reuters) - The Federal Reserve Board laid out on Monday how U.S. banks can apply to take five more years to comply with the Volcker Rule, one of the reforms emerging from the 2007-09 financial crisis that has received the most criticism and resistance from Wall Street.
The rule, intended to keep banks from speculating with their customers' money, limits the amount of illiquid investments firms can hold. Big Wall Street banks have said they need more time to exit fund investments that are difficult to sell but no longer allowed by the 2010 Dodd-Frank Wall Street reform law.
The Fed said it was the final grace period it could grant following three one-year extensions. (Reporting by Lisa Lambert; Editing by Peter Cooney)