Banks prepare to challenge proposed ban on proprietary trading

02/1/2010 | Wall Street Journal, The

President Barack Obama's proposal to curtail proprietary trading has left bankers hungry for more details, particularly on how the strategy would be defined. Paul Volcker, former chairman of the Federal Reserve and an architect of the proposal, is set to testify today before the Senate banking committee. Some answers are expected to emerge from his testimony. "There is a broad distinction between proprietary trading and responding to a customer requirement," Volcker said shortly after Obama announced the proposal.

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Wall Street Journal, The

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