Corker says ‘Volcker rule’ won’t be tops in financial overhaul negotiations

A controversial administration proposal to clamp down on big banks likely won’t dominate Senate negotiations on a new financial overhaul package.

Sen. Bob Corker (R-Tenn.) told The Hill that the effort to prohibit commercial banks from having proprietary trading businesses would not be the focus of talks on the Senate Banking Committee. Corker is in a new round of talks with Senate Banking Committee Chairman Chris Dodd (D-Conn.) to craft a bipartisan package of regulatory policies.

The “Volcker rule,” was announced by the administration earlier this year and is named after Paul Volcker, the former Federal Reserve chairman and Obama administration adviser. The proposal is aimed at curbing banks from taking excessive risks.

“My guess is the Volcker rule as put forth probably will not be a major topic of discussion,” Corker told The Hill on Thursday. Corker said the general aim of the proposal could receive some attention.