By Julian Hattem - 12/10/13 08:20 AM EST
Top financial regulators have canceled a public meeting Tuesday where they were scheduled to vote on the controversial "Volcker rule" due to bad weather in Washington, though the vote will continue to be held in private.
The Commodity Futures Trading Commission (CFTC) was scheduled to vote on the sweeping regulation on Tuesday, limiting the way that banks are able to make risky bets for their own profits. The rule is a core provision of the Dodd-Frank Wall Street reform law and a major priority for advocates of financial reform.
The CFTC announced early Tuesday morning that its meeting would be canceled due to a snow storm that has swept across the Eastern seaboard and closed federal agencies throughout Washington. The commission is still scheduled to vote on the rule behind closed doors, a spokesman said.
The CFTC is one of five financial regulators that were scheduled to consider the Volcker rule on Tuesday.
The Federal Reserve, Securities and Exchange Commission, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency have not announced whether their votes will be affected by the snow and ice in the nation's capital.
The Volcker rule, named for former Federal Reserve Chairman Paul Volcker, restricts so-called proprietary trading, which banks do to build up their own profit margins, and limits investments in hedge funds and private equity funds.
Many believe that the final version of the rule, which has not yet been unveiled to the public, will be stronger than the initial 2011 draft. That could expose the regulation to legal challenges from financial and business groups that already dislike the rule, some say.
--This report was updated at 8:53 a.m.
-- An earlier version of this story incorrectly stated that the vote was delayed as a result of the weather.