Sen. Mike Crapo, R-Idaho, said he and other senators have drafted legislation that would require regulators to give financial institutions more time to comply with the Volcker rule. Under the proposal, the rule would not go into effect until a year after regulators have implemented the ban on proprietary trading by large banks. "This is a thoughtful, bipartisan recognition of the risks associated with rushing to impose the Volcker Rule in such a way that would impede market making and reduce liquidity and depth from our capital markets," Kenneth E. Bentsen Jr., SIFMA's executive vice president of public policy and advocacy, wrote in a release.

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