Senate frustrated by lack of detail on new prop trading curbs
US senators have expressed frustration at the lack of detail provided by the Obama administration on the so-called Volcker Rule, which would prohibit commercial banks from proprietary trading or owning or investing in private equity and hedge funds.
Testifying before the Senate Committee on Banking, Housing and Urban Affairs yesterday, Paul Volcker, chairman of the Economic Recovery Advisory Board, attempted to clarify how a bank holding company could be prohibited from trading on its own
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