The Commodity Futures Trading Commission, the Federal Reserve Board and the Federal Deposit Insurance Corp. all announced plans to hold public board meetings on Dec. 10 to vote on a final Volcker Rule.

The Volcker Rule, enacted in the 2010 Dodd-Frank Act, has been one of the financial reform law's most challenging provisions to implement.

"We have to get this done, and when we get it done, our goal is not to be as tough as possible, or as lenient as possible," said Treasury Secretary Jack Lew in an interview with CNBC on Nov. 12. "It's to get as close to right as possible¬Ö.Inevitably, we might err a little, in one way or the other. If I had to choose, I would err on just being a little bit on the tough side."

"While U.S. regulators have kept tightly lipped about how they will proceed, the agencies are expected to strengthen the provision to avoid such multi-billion trading losses, while also offering greater flexibility to allow banks to engage in market making activities," writes American Banker's Donna Borak.

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