Obama, Lew made summer push on Volcker Rule

A summer meeting between President Obama, Treasury Secretary Jack Lew and financial regulators helped bolster the effort to push the “Volcker Rule” across the finish line.

{mosads}According to The New York Times, both Obama and Lew pushed regulators, long frustrated by efforts to implement that Wall Street reform position, to get the regulations finished by the end of 2013. The Times reports that Lew took on a hands-on role in crafting the final rules, which made a central portion of the Dodd-Frank financial reform law a reality.

The Volcker Rule is aimed at limiting banks’ ability to pursue risky trades in pursuit of its own profits. Financial regulators finalized regulations for that rule Tuesday, after years of work on the provision.