The Financial Stability Oversight Council has been meeting to deal with organizational issues and is now ready to debate new financial regulations. The "Volcker rule" will be one of the first measures the council will discuss, the Treasury Department said. The rule to control risky trading by banks has proven to be quite controversial. In November, Rep. Spencer Bachus, R-Ala., warned the council that the it would undermine U.S. financial institutions.

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