WASHINGTON — Federal regulators should use a data-driven and phased-in approach to the trading restrictions imposed by the Volcker rule and employ different approaches to different financial markets, according to a report issued by the Bipartisan Policy Center Thursday.

The paper is part of an effort by the nonprofit group, founded in 2007 by a bipartisan group of former U.S. senators, to examine the Dodd-Frank Act closely to determine which parts of it are or are not working. The proposed Volcker rule, mandated by Section 619 of Dodd-Frank, would restrict an insured depository institution and its affiliates from engaging in proprietary trading. The idea behind the rule is to stop banks from gambling federally insured money from traditional banking services on the bank’s own behalf in the financial markets.

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