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By Douwe Miedema and Sarah N. Lynch WASHINGTON (Reuters) - When U.S. regulators adopt the Volcker rule on Tuesday, they will make good on a promise by politicians to rein in banks' ability to gamble with their own money. The coordinated action by five separate regulatory agencies is seen sparking a court challenge as Wall Street tries once again to avoid one of the harshest elements of the post-financial crisis crackdown. The rule, championed by former Fed Chairman Paul Volcker, was a last-minute addition to the 2010 Dodd-Frank Wall Street reform law and takes aim at a business that had been a big money spinner for banks before the crisis. "For something of this magnitude and this controversial ... there will be somebody who will challenge it," said Brian Cartwright, an advisor at consultancy Patomak Global Partners and a former general counsel at the Securities and Exchange Commission, one of the agencies voting on the measure.
WASHINGTON (AP) — Fresh from shackling the traditional blocking ability of the Senate's minority party, Democrats are ready to muscle through President Barack Obama's nominees for pivotal judgeships and other top jobs.
When Mohammad Hamedi Rad arrived in the United States last year, he carried his Iranian passport, a hard-won student visa and a backpack containing $14,000 in hundred dollar bills, because there was no simpler way of getting money into the country. "It was scary," Hamedi Rad, a chemical engineering graduate student at the University of Illinois at Urbana-Champaign, said of his late-night arrival in Chicago, where he declared the funds to airport customs officials. I was extremely nervous." Hamedi Rad's experience is by no means unheard of among many of the thousands of high-achieving, mostly middle-class young Iranians who are coming to the United States to study in increasing numbers despite U.S. and international sanctions on their homeland. After gaining admission, they must navigate a way around sanctions on Iranian banks that make direct legal wire transfers to the West a practical impossibility, impeding the students' ability to pay tuition or transfer money for living expenses.