President Obama has asked for a bill to limit proprietary trading by banks. The so-called "Volcker Rule" would get banks out of the hedge fund and private equity business, and came as a surprise to Wall Street, which is recovering from one of the worst financial meltdowns in history.
But Sen. Christopher Dodd (D-Conn.), who is the Senate Banking Committee chairman, says that writing such a specific rule would be a challenge. A more generally written rule, though, would be more realistic, he said.
The message for Wall Street? Don't look for a resolution – your way or Obama's way – anytime soon, particularly during congressional consideration of a sweeping reform package that would significantly alter the regulatory financial landscape in America.
