WASHINGTON — House Republicans were sharply critical Wednesday of regulators' final Volcker Rule, warning that it adds an unnecessary and costly layer of regulation.

The banking agencies finalized the ban on proprietary trading last month, more than two years after they issued their initial proposal. During a House Financial Services Committee hearing on the issue, several GOP members slammed the agencies for not undertaking a cost-benefit analysis of the rule as well as raising concerns about how it will impact the international competitiveness of U.S. institutions.

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