According to Dealreporter, via The Fly On The Wall, the White House's plan to limit banks prop trading, better known as the "Volcker Rule," will either be dropped in the Senate or significantly modified.

This is according to lawmakers sources.

There's no independent confirmation of this yet, and there might not be for awhile since this doesn't sound "official."

And with Republican Senators wary of giving Obama any kind of "victory" before November, this isn't too surprising.