Banking industry strives for changes to "Volcker rule"

06/21/2010 | New York Times (tiered subscription model), The

Lawmakers are aiming to complete the final version of the regulatory-overhaul legislation this week, prompting a last-minute push from the banking industry. The "Volcker rule," a measure that would prohibit banks from conducting proprietary trading and force them sell private equity divisions and hedge funds, is of particular interest. Senate negotiators are moving toward a series of exemptions to the rule. For example, Sen. Scott Brown, R-Mass., and other lawmakers are pushing provisions that would benefit Fidelity Investments, State Street and other money-management firms.

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