Shares of big banks are surging on Thursday after U.S. banking regulators decided to loosen restrictions on the Volcker Rule, which is part of the 2010 Dodd-Frank Act.

The Volcker Rule, named after former Federal Reserve Chairman Paul Volcker, limited the kind of risk banks could take and barred them from making potentially speculative investments.

The change to the rule was floated earlier this year, and it will now allow banks to more easily invest their own capital in venture capital funds, for example.

Since the start of the coronavirus pandemic, bank stocks across the board have plunged; investors and analysts alike feared that record high unemployment levels would lead to defaults on loans.

JPMorgan (JPM Quick QuoteJPM - Free Report) , Wells Fargo (WFC Quick QuoteWFC - Free Report) , Bank of America (BAC Quick QuoteBAC - Free Report) , Citigroup (C Quick QuoteC - Free Report) , Morgan Stanley (MS Quick QuoteMS - Free Report) , and Goldman Sachs (GS Quick QuoteGS - Free Report) gained even further at Thursday’s close, up 3.5%, 4.7%, 3.8%, 3.7%, 3.9%, and 4.7%, respectively.

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