WASHINGTON (AP) — Federal regulators are moving ahead with a rule that would ban banks from trading for their own profit. But they offered to consider adjustments after lawmakers expressed concerns that restrictions could hurt the economy.
Republican lawmakers and a few Democrats questioned the merits of the so-called Volcker rule at a hearing Wednesday.
The rule was required under the financial overhaul that the Democratic-led Congress passed nearly two years ago. It has been approved in draft form by five government regulators and is expected to be finalized this summer. After that, banks will have until July 2014 to comply.
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