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the banksters win: Volcker says new rule will amplify risk, erode protections

The Federal Reserve and four other regulatory agencies announced final approval Tuesday to changes in the “Volcker rule” passed after the 2008 financial meltdown to crack down on trading excesses that contributed to the crisis.

The changes were supported by the banking industry, which felt that the original rule seeking to prevent banks from speculative trading with government-insured deposits was too restrictive. But they were opposed by Wall Street watchdog groups and the rule’s namesake, former Fed Chairman Paul Volcker.

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