Regulators Approve Volcker Rule

Better late than never. The FDIC and the Federal Reserve Board voted unanimously on Tuesday to approve the Volcker rule to provide more oversight on Wall Street banks. The SEC voted 3-2 in favor, with both Republican commissioners voting against the rule. The new regulations will make it more difficult for banks to make bets with the bank's own money (known as proprietary trading), as well as changing compensation practices that encourage risk-taking. Regulators have spent two and a half years since the financial reform bill Dodd-Frank passed toward finalizing the rule.