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The Federal Reserve board will hold an open meeting on Wednesday, May 30, to vote on a proposed rule simplifying the Volcker rule, the central bank announced today. That indicates the interagency rule will go out next week regardless of when Jelena McWilliams is confirmed as FDIC chairwoman.

The Senate is voting this evening on whether to start debate on McWilliams’ nomination.

The Volcker rule prevents banks from making trades solely to profit off short-term price changes in financial markets and from owning certain hedge funds and private equity funds.

Regulators are planning to scrap the rule’s presumption that trades held for less than 60 days automatically fall within its scope, people familiar with the matter have told POLITICO.

In addition, regulators are expected to tweak the definitions of “proprietary trading” and “covered funds,” as well as the part of the rule that requires banks to avoid holding much more of a particular asset than what they normally sell, sources say.

There will also be tailoring based on a bank’s level of trading activity, according to a person familiar with the matter.