Ben S. Bernanke

With the announcement last week of President Obama's 'Volker Rule' to reign in risk on Wall Street, it appeared to many watchers that Treasury Secretary Tim Geithner's role with the administration has been diminished. As head of the Treasury, it would be expected that Geithner would take the lead on the proposal but indications are that he ...

Here is a recap of the top news items from this week on Wall Street:

1. On the same day Goldman Sachs (NYSE: GS) reported record profits, President Obama dropped a bomb on Wall Street. Obama is proposing limits on the size and scope of the nation's largest banks to put an end to "risky practices that contributed significantly to the financial crisis." Specifically, Obama wants to stop banks from being able to book proprietary trading operations on their financial statements. Exact details on what "proprietary trading" would be have yet to be released. Traders are not liking Obama's assault on the stock market. Following the news, the Dow sold off more than 500 points.

2. In addition to Obama's crusade ...

Warren Buffett was speaking on Fox Business Network today about the President's new bank proposal which will impose additional regulations on banks including disallowing proprietary trading and limiting their size.

Majority Leader Steny Hoyer said the House is considering reinstating the Glass-Steagall Act of 1933, which was initially used to control the after-effects of the Great Depression and barred bank holding companies from owning other financial companies. The Maryland Democrat told reporters, a renewal of the law "is certainly under discussion," according to a story from Bloomberg.

Glass-Stegall was repealed in 1999, which allowed the combination of Citigroup Inc. (NYSE: C) and Travelers Group, Inc. (NYSE: TRV) in a $46 billion ...

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JP Morgan's (NYSE: JPM) Jamie Dimon ...