By Peter Schroeder - 12/10/13 02:16 PM EST
The implementation of the Volcker Rule will make markets safer and the American people more secure, according to President Obama.
The president hailed the approval of final rules implementing the core piece of the Dodd-Frank financial reform law Tuesday, as regulators wrapped up years of work on that provision.
The rule, named after former Obama economic adviser Paul Volcker, attempts to curb risky trades by banks seeking profits of their own, and not at the behest of clients.
Five different financial regulators unveiled and approved a final version of the rule Tuesday, more than two years after they first released a proposal. Regulators have sifted through more than 18,000 public comments on the rule, and faced fierce industry pushback to the regulations, as banks argued it would unfairly restrict them.
The president thanked regulators for finishing the work, and also thanked Volcker and Treasury Secretary Jack Lew for their efforts.
“Our financial system will be safer and the American people are more secure because we fought to include this protection in the law,” he said.
He also called on Congress to provide adequate funding for financial regulators, who are struggling to meet the increased workload of Dodd-Frank under budgets that Republicans have sought to limit.
In his own statement, Lew said the final version of the rule adheres to Obama's vision by setting "tough but workable restrictions.