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SEC votes to adopt Volcker rule to ban proprietary trading

The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. REUTERS/Jim Bourg
The headquarters of the U.S. Securities and Exchange Commission (SEC) are seen in Washington, July 6, 2009. REUTERS/Jim Bourg

WASHINGTON (Reuters) - U.S. securities regulators voted to adopt the Volcker rule to ban proprietary trading by large banks on Tuesday, making them the fourth regulator to sign off on the measure.

The Securities and Exchange Commission is one of five federal regulators that have been working for more than two years to complete the rule, which also restricts banks' investments in certain private funds. Three banking regulators voted earlier Tuesday to approve it, and U.S. derivatives regulators are expected to announce their vote later on Tuesday.

The SEC's two Republican commissioners voted against the Volcker rule, saying it was flawed and should have been completely rewritten.

"I believe that market-making activities will be impacted most by this faulty rule," SEC Commissioner Daniel Gallagher said in a written statement.

(Reporting by Sarah N. Lynch; Editing by Lisa Von Ahn)

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