Fox Business – The nation’s big banks will have to spin off tens of billions of dollars in private equity and hedge fund assets as part of the financial overhaul bill now being debated in Congress, FOX Business has learned.
That’s because a less-publicized aspect of the so-called Volcker Rule – a plank of the regulatory reform scheme devised by presidential economic adviser Paul Volcker designed to prevent banks from engaging in risky “proprietary” trading – also scales back on other risky activities, such as having ownership positions in hedge funds and private equity funds.
