PROVIDENCE, R.I. (AP) — A snowstorm pushed into New England on Tuesday, with the potential to snarl the evening commute, after causing widespread school and government closures in the nation's capital and elsewhere along the Eastern seaboard.
By Emily Stephenson and Douwe Miedema WASHINGTON (Reuters) - U.S. regulators toughened key sections of the Volcker rule's crackdown on Wall Street's risky trades on Tuesday as they finalized one of the harshest reforms after the credit meltdown. The rule - named after former Federal Reserve Chairman Paul Volcker, who championed the reform - generally bans banks from proprietary trading, or speculative trading for their own profits. The final rule includes strictly defined carve-outs for trades executed to serve clients' interests or to protect against market risks, and forces banks to show regulators that they are not trying to pass off speculative bets as legitimate trades. Regulators are eager to prevent a repeat of trading debacles such as JPMorgan's $6 billion trading loss in 2012, dubbed the "London Whale" because of the huge positions the bank took in credit markets.