Dull But Important: What's In The Volcker Rule
Paul Volcker
Wikipedia Entry
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What's in the Volcker rule. "In recent weeks, regulators who favored a more stringent version of the rule pressed for changes that they think will make it harder for banks to evade the regulation. The version of the rule reviewed by The Times shows that, in some areas, the hard-liners got their way. The rule, for example, includes new wording aimed at the sort of risk-taking responsible for a $6 billion trading loss at JPMorgan Chase last year...To prevent such blowups, according to the version of the rule reviewed by The Times, it will require banks to identify the exact risk that is being hedged. The risks, the rule said, must be 'specific, identifiable' rather than theoretical and broad." Ben Protess and Peter Eavis in The New York Times
Mike Konczal's guide to whether the Volcker rule is tough enough: http://wapo.st/1fg7cz2
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