Wall Street regulators have agreed to rewrite the Volcker Rule,according to three people familiar with the matter, moving toloosen industry-despised restrictions that were central to the U.S.response to the financial crisis.

The five agencies that wrote the original limits on banksinvesting with their own capital have decided to begin workingtogether on a revision, said the people, who requested anonymitybecause the discussions aren't public. The changes discussed at aclosed-door meeting on Friday will likely give big banks moreflexibility for handling client trades, as well as investments inprivate equity and hedge funds.

The planned rewrite of Volcker highlights the administration'sefforts to use agencies to roll back regulations without having togo through a Congress that has failed to advance many of PresidentDonald Trump's other priorities. Regulators aligned with Trump haveindicated they'll be guided by Treasury Secretary Steven Mnuchin'sJune report calling for “significant changes” to the rule, whichwas designed to rein in risky trading after the financialcrisis.

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