Obama sends proposed legislation on "Volcker rule" to Congress

President Barack Obama submitted to Congress proposed legislation that would prohibit financial companies, including those that do not own bank subsidiaries, from conducting proprietary trading. "Moreover, any financial firm that is identified for heightened supervision under the Administration's regulatory reform proposal would be subject to additional capital and quantitative limits on these activities," according to the White House's summary. The proposal would also limit the growth of major financial institutions by prohibiting mergers that would result in a market share that is bigger than a preset limit.

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