Treasury Secretary Jack Lew said Thursday that regulators will release a strict version of Dodd-Frank's Volcker Rule that would ban proprietary trading and investment in hedge and equity funds by banks.

"Dodd-Frank ended 'too big to fail' as a matter of law; tough rules are now in place to make sure banks have the capital to absorb their own losses; monitoring through stress tests is underway; and resolution authorities and plans are in place," said Lew in prepared remarks before the Pew Charitable Trusts.

"Rule-writers will soon put forward a tough Volcker Rule that I expect to be true to President Obama's vision and the statute's intent," said Lew.

Lew continued on to say the financial system is much safer with new tools at regulators' disposal such as the Volcker Rule.

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