Volcker continues to advise on his eponymous rule

10/29/2010 | Wall Street Journal, The

Paul Volcker, an economic adviser to U.S. President Barack Obama and formerly chairman of the Federal Reserve, is advising officials in the Obama administration to avoid writing regulations related to reining in proprietary trading too narrowly, sources said. The "Volcker rule" should be similar in structure and scope to anti-money-laundering law, in which the onus is on the industry to comply with rules against a particular behavior, Volcker said.

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