Senate negotiators are expected to offer changes today to the financial reform bill that would soften the Volcker rule. On Capitol Hill there is widespread speculation that the Senate negotiators will propose language that would allow banks to invest a small amount of their capital in their internal hedge funds or proprietary trading desks.
US lawmakers hammered out a historic overhaul of financial regulations as dawn broke over the nation's capital Friday, handing President Barack Obama a major domestic policy victory on the eve of a global summit devoted to financial reform
At 5.06am lawmakers voted to name the financial reform bill after Barney Frank and Chris Dodd, the chairmen of the House financial services and Senate banking committees.
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The financial reform bill will likely hurt consumers more than banks because Wall Street will find a way to get around it, banking analyst Richard Bove told CNBC.
The compromise reached by negotiators on financial regfulation reform is far from perfect, Sen. Bob Corker (R-Tenn.) and member of the Senate Banking Committee, told CNBC Friday.
U.S. lawmakers on Friday finalized a historic overhaul of financial regulations, handing President Obama a major domestic victory as he heads to Canada tonight for the three-day G20 summit devoted to financial reform. Read what the experts had to say on the new regulation.
President Barack Obama says he's "gratified" by the deal that Congress has worked out on overhauling Wall Street rules.
The financial regulation bill agreed upon by Congressional leaders overnight is too weak and will not reform the system, Williams Isaac, former chiarman of the FDIC, told CNBC.
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