Federal regulators have reached a tentative agreement to finalize a rule aimed at Wall Street risk-taking, federal officials said Tuesday.
Five federal agencies plan to approve the so-called Volcker Rule next week, eking out a vote before the year is up. While the vote for the complex rule will come more than a year after a congressional deadline passed, it still will meet the recommendation of Treasury Secretary Jacob J. Lew, who urged the federal agencies to finish writing the rule in 2013.
The rule, which would ban banks from trading for their own gain and limit their ability to invest in hedge funds, is not yet a done deal. Regulators continue to put the finishing touches on the rule, a centerpiece of the Dodd-Frank overhaul law that Congress adopted.