rumour: "Volcker Rule" Already Dead, Has Zero Chance In The Senate

paul volcker barack obama

According to Dealreporter, via The Fly On The Wall, the White House’s plan to limit banks prop trading, better known as the “Volcker Rule,” will either be dropped in the Senate or significantly modified.

This is according to lawmakers sources.

There’s no independent confirmation of this yet, and there might not be for a while since this doesn’t sound “official.”

And with Republican Senators wary of giving Obama any kind of “victory” before November, this isn’t too surprising.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.