The Investment Company Institute and several fund providers stepped up their lobbying efforts against the Volker rule last week, warning a congressional panel that its impact on the mutual fund industry will be damaging and harsh. The proposed rule, which is designed to curb proprietary trading by banks, treats many mutual funds as hedge funds because of language the industry considers to be overly broad. The rule would stop banks from providing liquidity to those mutual funds that are treated as hedge funds. Every non-U.S. retail fund would be covered under the....

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