Banks banned from prop trading under Obama plan
Speaking at the White House on January 21, President Barack Obama stated that "the financial system is still operating under rules that led to its near collapse" and proposed a new ‘Volcker rule' – named after former Federal Reserve chairman Paul Volcker – that would see all US institutions that benefit from Federal Deposit Insurance Corporation-insured deposits subject to two new restrictions.
Under the first, banks would no longer be allowed to own, sponsor or invest in hedge funds or private
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