State Street, Bank of New York Mellon, Northern Trust, JPMorgan Chase, Citigroup and other banks urged lawmakers for an exemption to a portion of the proposed "Volcker rule" that would curb their ties to hedge funds and private-equity funds. "Many trust banks, including State Street, manage assets as part of their normal activities," said Alicia Curran, a spokeswoman for State Street. "The proposed Volcker rule, while aimed at eliminating risky or speculative activity by banks, could negatively impact traditional bank asset-management business."

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