With a new administration in power, the Fed, Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), all of whom have joint responsibility for enforcing the rule, broadly agree it could be simplified, according to CNBC. 

While formal proposals have yet to be released, some of the changes being explored is shifting the burden of proof to regulators to prove banks are violating the rule (right now, banks must prove their compliance), narrowing the definition of "proprietary trading" and "covered funds,"and exempting certain types of overseas funds. They also want the regulators to appoint a lead for enforcing the Volcker Rule, rather than relying on a panoply of different regulatory bodies to oversee it.