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'Volcker rule' finally at finish line 

December 9, 2013
James O'Toole, CNN Money

It's a moment Wall Street bankers have been anxiously awaiting for more than three years: Regulators are set to vote Tuesday on the so-called Volcker rule -- a key piece of the 2010 Dodd-Frank financial reform law.

Congress has long since passed the legislation. But the law's implementation has been slow-going, as regulators were tasked with crafting its specifics.

Of the 398 rules Dodd-Frank required to be drawn up, only 42% had been finalized as of last week, according to law firm Davis Polk. Around 30% are awaiting approval, with 28% yet to be proposed.

The Obama administration has faced a chorus of criticism from Republicans and the financial industry over the law's plodding progress. But the finalization of the Volcker rule will mark a big milestone.

Read more: CNN Money

 
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