December 10, 2013 / 4:22 PM / 7 years ago

FDIC, Fed unanimously approve Volcker rule

A man drinks from a cup in front of a building where Wall Street is written, in New York's financial district, March 4, 2013. REUTERS/Brendan McDermid

WASHINGTON (Reuters) - Two U.S. regulatory agencies on Tuesday voted to unanimously approve the Volcker rule to restrict banks from trading for their own profits.

The U.S. Federal Deposit Insurance Corp board of directors and the U.S. Federal Reserve Board of Governors both approved the rule on Tuesday morning.

The Fed also approved an extension to give banks until July 2015 to fully comply with the new rule.

Reporting by Emily Stephenson and Sarah N. Lynch; Editing by Chizu Nomiyama

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