By Benjamin Goad - 11/26/13 10:05 AM EST
Regulators are divided on how to proceed on the so-called Volcker rule, The Wall Street Journal reports.
A major provision of the Dodd-Frank Wall Street reform law, the Volcker rule, named for former Federal Reserve Chairman Paul Volcker, would prohibit banks that get federal backing from engaging in risky speculative trading.
The rule is meant to stop financial institutions from gambling with taxpayer money, a practice that helped cause the 2008 economic crisis.
But Volcker has been plagued by delays. Five regulatory agencies must sign off on the regulations.
Now, banking regulators are considering moving forward with a version, “without the blessing of the Commodity Futures Trading Commission, which has been pushing for eleventh-hour changes ahead of a year-end deadline to finalize the regulation,” according to the Journal, which cites people familiar with the process.
More from the Journal here.