NU Online News Service, May 25, 2:15 p.m. EDT
The Senate agreed Monday night to pursue a change in financial services legislation that would exempt insurers that own banks or thrifts from the "proprietary trading" restrictions imposed by the so-called "Volcker rule."
The narrow exemption from the rule contained in the instructions to conferees on the bill approved Monday night, will likely satisfy only property and casualty insurers providing limited investment services to their customers through an insured financial institution.
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