Volcker Rules To Be Tougher Than Expected, Treasury Secretary Warns

The Treasury Secretary warned banking execs that the final Volcker rule limits on proprietary trading are likely to be tougher than Wall Street expects, according to Bloomberg. At a meeting in October, Secretary Jacob Lew said he has been encouraging regulators to make provisions of the law stricter, including the exemption for trades conducted as hedges against other risks.  The Obama administration has a self-imposed deadline to finish the rule by the end of the year.