U.S. ban on high-risk bank trades approved

WASHINGTON >> U.S. regulators have taken a major step toward reining in high-risk trading on Wall Street, banning the largest banks from trading for their own profit in most cases. It took three years to write and adopt the Volcker Rule, one of the most critical changes to financial laws in the wake of the 2008 banking crisis.

The Federal Reserve and the Federal Deposit Insurance Corp., the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Office of the Comptroller of the Currency each voted Tuesday to adopt it. The final version is stricter than many had expected. Its goal is to reduce the kind of trades that nearly toppled the financial system five years ago and required taxpayer-funded bailouts.

ON THE MOVE

Hawaii Opera Theatre has hired Elisabeth Case as its new director of development. She was previously a director of institutional advancement for the Academy of the Pacific.

The Chamber of Commerce of Hawaii has announced Lyn­ette Ching as an account executive. She has more than 20 years of direct sales and advertising experience, including serving as a project manager for Sesame Street Live.

Easter Seals Hawaii has received a $20,000 grant from First Hawaiian Bank Foundation. The grant will support Easter Seals’ installation of a commercial kitchen at its Napua­kea Maka­kilo multiprogram center.