Five regulatory agencies are going to be voting today on the Volcker rule, which limits the ability of banks to invest in hedge funds or trade the money they hold for their own gain, The New York Times reports. Meanwhile, "lobbyists for Wall Street banks and business trade groups," including the U.S. Chamber of Commerce, are hinting that they will litigate to undercut the rule, The Times further reports.
At the same time as the financial sector plans to fight the rule to some extent, "Wall Street is also throwing resources into compliance. Banks are writing new compliance manuals, training their traders and rewriting computer programs that effectively automate whether a trade is out of bounds under the Volcker Rule," The Times also reports.
The five agencies are the Federal Reserve, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation and the Comptroller of the Currency.
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