Wall Street faces more intensive government scrutiny of trading after U.S. regulators issued what they billed as a strict Volcker rule Tuesday, imposing new curbs designed to prevent financial blowups while leaving many details to be worked out later.
The Federal Reserve, Federal Deposit Insurance Corp. and three other agencies planned by the end of the day to complete formal adoption of the proprietary trading ban, which has been contested by JPMorgan Chase & Co., Goldman Sachs Group Inc. and their industry allies for more than three years.
