The Volcker Rule, enacted in the 2010 Dodd-Frank Act, has proved to be one of the financial reform law's most challenging provisions to implement. After more than three years, regulators are closing in on a final rule that is expected to be tougher than its first draft.

Five regulators work on the rule together, including the Commodity Futures Trading Commission, the Securities and Exchange Commission, the Federal Reserve, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency.

"While the concept of the provision is easy to understand - forcing commercial banks to stop taking risky bets with U.S. taxpayers' funds - the specifics have spurred confusion and discord," writes American Banker's Donna Borak.

"We are trying to be faithful to the intent of this rule, which is to eliminate short-term financial speculation in institutions that enjoy the protection of the safety net," said Janet Yellen, President Obama's nominee to succeed Federal Reserve Board Chairman Ben Bernanke, during her confirmation hearing on Nov. 14. "The devil here is in the details."

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