Financial Reform is now in the home stretch as the House and Senate work to reconcile the two versions of the legislation, aiming to send a completed bill to President Obama by July 4. It looks likely that a version of the so-called Volcker Rule, restrictions on risky trading by commercial banks with their own capital, will be included in the final version of the bill. Or, in other words, a sort of reinstatement of the Glass-Steagall Act, which required that commercial banks remain separate from investment banks. We asked our friend Paddy Hirsch of Marketplace to do one of his excellent whiteboard explainers for us.
Paddy Hirsch explains proprietary trading
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