Banks Face Patchwork Volcker Rule If Agencies Fail To Agree

Law360, New York (November 25, 2013, 7:06 PM EST) -- U.S. financial regulators are under pressure to complete the Volcker Rule's ban on proprietary trading by year's end, but continued conflict among regulators over how severe the rule's trading restrictions should be means banks could be forced to comply with multiple versions of the same regulation.

The rule, a key provision of the 2010 Dodd-Frank Act, is set to take effect in July, and regulators are facing heat from lawmakers including President Barack Obama and Treasury Secretary Jack Lew to get a final rule done after years of delay.

Lawmakers charged the five agencies responsible for the rule with creating the...

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