On January 21st, President Barack Obama called for restrictions on financial institutionsthat would limit the extent to which depository lending institutions, or their parent firms, may engage in proprietary trading and investing. The President's proposal would also place broader limits on the growth of the market share of liabilities at the largest financial firms. White House Press Release. At a press briefing following the President's announcement, White House economic adviser Austan Goolsbee said that the President does not seek the full reintroduction of the Glass-Steagall Act and stated that client-based proprietary trading would be permitted. Goolsbee Comments. House Financial Services Committee Chairman Barney Frank released a statement that H.R. 4173, the Wall Street Reform and Consumer Protection Act passed by the House on December 11, 2009, gives the Federal Reserve the authority to prohibit systemically designated companies from engaging in proprietary trading and provides the Financial Services Oversight Council the authority to establish objective standards for the evaluation of companies to determine whether they are systemically risky. Frank Statement. The Senate Banking Committee is also considering limits on proprietary trading by depository lending institutions. Proprietary Trading. See also Bloomberg (proposal's effect depends on how "proprietary trade" is defined); Washington Post (proposal indicates Treasury Secretary Timothy Geithner's declining influence and former Federal Reserve Chairman Paul Volcker's increasing influence).