WASHINGTON—Traders at big banks would get more freedom to buy and sell without worrying about the Volcker rule under proposed changes unanimously approved Wednesday by the Federal Reserve.

The proposal, known as Volcker 2.0, would loosen compliance requirements for all banks, though it would grant more relief to firms with small trading desks. Four other U.S. agencies are expected to follow the Fed in proposing the changes over the next week. They will take public comments before completing the rule.



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