WASHINGTON (AP) — Federal regulators are moving ahead with a rule that would ban banks from trading for their own profit. But they offered to consider adjustments after lawmakers expressed concerns that restrictions could hurt the economy.

Republican lawmakers and a few Democrats questioned the merits of the so-called Volcker rule at a hearing Wednesday.

The rule was required under the financial overhaul that the Democratic-led Congress passed nearly two years ago. It has been approved in draft form by five government regulators and is expected to be finalized this summer. After that, banks will have until July 2014 to comply.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.