Happy New Year, Wall Street: Congress Has Another Gift For You

After stuffing Wall Street's stockings in December with subsidies for risky trading, the House of Representatives plans to wish big banks a happy New Year on Wednesday by hacking up and delaying the Volcker Rule.

The Volcker Rule is a key reform adopted after the 2008 financial meltdown that bans banks from gambling in securities markets with taxpayer money -- a tactic known as proprietary trading. But under legislation slated for a Wednesday vote, banks would be given a two-year reprieve from unloading some of their riskiest holdings -- known...