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Regulators Tighten Bank Rules To Curb Risky Wall Street Trades

Officials at the Federal Reserve, the FDIC and the SEC signed off on new banking rules Tuesday. Under the so-called Volcker rule, banks will be barred from trading in their own accounts, but will still be able to buy and sell on behalf of clients. Big investment banks will no longer be able to own hedge funds or private equity firms. The new regulations took more than three years to complete.