BusinessWeek – The fate of the Volcker rule, which would ban proprietary trading at U.S. banks, may hinge on the word “shall.”
Lobbyists for financial firms are seeking to water down language in Section 619 of the 1,336-page bill proposed last week by Senate Banking Committee Chairman Christopher Dodd. Their message: Study the issue first to see if it’s needed, then give regulators the option of imposing a ban.
