Legislation to overhaul financial regulation includes the "Volcker rule," which would limit banks from using their own money for trading. However, the bill would allow for proprietary trading in municipal bonds, Treasurys, and bonds issued by Fannie Mae, Freddie Mac and other government-backed entities. A total of $20 trillion worth of those bonds were outstanding at the end of last year, according to SIFMA. Learn more about SIFMA's Regulatory Reform Summit.

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