Obama reasserts Volcker rule, Senate bill seen

Reuters: WASHINGTON - The Obama administration reasserted its commitment to banning proprietary trading by banks with draft legislative language on Wednesday, despite signs that Congress is unlikely to adopt such a rule.

In a scant five pages from the Treasury Department, the administration put a two-year phase-in on its "Volcker rule" to curb "prop trading" -- or buying and selling of investments on financiers' own books unrelated to customer needs.

The rule would apply to banks, with limits slapped on large, non-bank financial firms, as well. In addition, banks would be barred from sponsoring or investing in hedge funds and private equity funds, under the administration's language. Read Article

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