Reuters – The Senate was moving on Wednesday to water down the controversial “Volcker rule” on bank trading and investing as lawmakers raced to complete landmark Wall Street reform legislation within days.
In a potential victory for bank lobbyists, banks would be allowed to invest up to 2 percent of total Tier 1 capital in hedge funds and private equity funds, under a version of the Volcker rule outlined in a document obtained by Reuters.
Tags: Syndicated