Yesterday, the Obama Administration sent proposed legislation to Congress to amend the Bank Holding Company Act to, among other things, require Federal banking regulators to "jointly prohibit proprietary trading by insured depository institution or by a company that controls an insured depository institution or is treated as a bank holding company." The legislation, championed as the "Volcker Rule," was initially proposed by President Obama to "rein in excessive risk taking and to protect taxpayers," and has the express support of five former U.S. Treasury Secretaries (W. Michael Blumenthal, Nicholas Brady, Paul O'Neill, George Shultz and John Snow)