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RENO, Nev. (AP) — A member of a search team on Tuesday found a couple and four young members of their families who had been missing in the frigid mountains of northern Nevada since Sunday, authorities said.
US regulators agreed Tuesday to place tight controls on banks' trading their own accounts, in an attempt to avoid the high-risk behavior that contributed to the 2008 financial crisis. The long-awaited Volcker Rule, to be fully applied by July 21, 2015, also tightly limits banks' investments in and involvement with hedge funds and private equity funds, also with the aim of distancing them from financially risky activities. The banks will still be able to engage in some activities, like hedging positions and trading for clients, that overlap with sheer trading of their own assets to generate profits, regulators said, acknowledging the frequent overlap. President Barack Obama, who has overseen efforts to reform Wall Street regulation to prevent another near-catastrophe like the 2008 crisis, said in a statement that the US financial system "will be safer and the American people are more secure because we fought to include this protection in the law."