WASHINGTON — An Obama administration push to ban banks from proprietary trading and limit their growth suffered a setback Tuesday as lawmakers from both parties raised concerns that the so-called "Volcker Rule" would have done little to nothing to prevent the financial crisis.

Though administration officials — including former Federal Reserve Board chairman Paul Volcker — acknowledged as much, they said the plan was still necessary to minimize risk in the commercial banking system.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access