December 10, 2013
In this March 18, 1980, file photo, Federal Reserve Board Chairman Paul Volcker listens to a question as he appears before a Senate committee in Washington, D.C. The Federal Reserve and the Federal Deposit Insurance Corp. each unanimously voted Tuesday to adopt the so-called Volcker Rule, taking a major step toward preventing extreme risk-taking on Wall Street that helped trigger the 2008 financial crisis. The rule which states that U.S. banks will be barred in most cases from trading for their own profit under a federal rule is named after Volcker, a former Fed chairman who was an adviser to President Barack Obama during the financial crisis.
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U.S. regulators have taken a major step toward reining in high-risk trading on Wall Street, banning the largest banks from trading for their own profit in most cases.
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