*  *  *  Chairman Hensarling, Ranking Member Waters, and other members of the committee, thank you for the opportunity to testify on the interagency final rule implementing the requirements of section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), commonly known as the Volcker Rule.
Section 619 of the Dodd-Frank Act generally prohibits any banking entity from engaging in proprietary trading. It also generally prohibits a banking entity from investing in, or having certain relationships with, a hedge fund or private equity fund (a covered fund).