Reuters – Banks are pressing the U.S. Congress for exemptions to a part of the proposed Volcker rule under Wall Street reform legislation that would curtail their ties to private equity and hedge funds, but the banks’ prospects were dimming on Tuesday.
Representative Barney Frank said opposition to exemptions lodged by White House economic adviser Paul Volcker, author of the proposed rule, will be pivotal as a Senate-House conference panel considers the historic legislation.
