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Rep. Spencer Bachus, R-Ala., chairman of the Financial Services Committee, said that's too difficult. "When we have to interpret people's motive, we're on thin ice." The regulators also said they wouldn't punish banks if their traders unintentionally cross the line between the two kinds of trading. About 120 House members of both parties have sent a letter to the regulators, who also include Securities and Exchange Commission Chairman Mary Schapiro and Federal Deposit Insurance Corp. Chairman Martin Gruenberg, asking them to take the proposed rule back to the drawing board. The rule has been approved in draft form by the Fed, the SEC, the FDIC, the Commodity Futures Trading Commission and the Office of the Comptroller of the Currency.
[Associated
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