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Federal regulators have reached a tentative agreement to complete a rule aimed at Wall Street risk-taking, federal officials said on Tuesday, overcoming internal squabbling and an onslaught of Wall Street lobbying that stymied them for years.

Five federal agencies plan to approve a tougher-than-expected version of the so-called Volcker Rule next week, eking out passage before the year is up and providing Wall Street with some much-sought clarity. While the vote for the complex rule will come more than a year after a Congressional deadline passed, it still will meet the recommendation of Treasury Secretary Jacob J. Lew, who urged the federal agencies to finish writing the rule in 2013.

The Commodity Futures Trading Commission, one of the five agencies, announced on Tuesday that it would vote on Dec. 10. Three other agencies — the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency — also announced plans to approve the rule on Dec. 10. The final agency involved in the rule, the Securities and Exchange Commission, has said it will vote on or about that date.

The rule, which would ban banks from trading for their own gain and limit their ability to invest in hedge funds, is not yet a done deal. Regulators continue to put the finishing touches on the rule, a centerpiece of the Dodd-Frank overhaul law that Congress adopted in 2010, and talks could still break down. The S.E.C. is still expected to send in final edits over the next day or so, an official briefed on the rule said.

But the announcements on Tuesday signal that regulators have all but completed a final draft, a prospect that once seemed remote.

Of all the 400 regulations to arise from Dodd-Frank, regulators struggled most with the Volcker Rule, which officials say will span about 950 pages. The challenge underscored the importance of the rule, which became something of a barometer for the overall strength of Dodd-Frank.

The Volcker Rule — named for Paul A. Volcker, a former chairman of the Federal Reserve who championed the rule when serving as an adviser to President Obama — was politically charged from the beginning. Some Democrats said that it could prevent future trading blowups on Wall Street, a position that gained traction when JPMorgan Chase sustained a $6 billion trading loss in London last year, but Republicans complained that it might undercut economic growth.

Big banks and other Wall Street groups echoed the Republican concerns, blitzing the agencies with comment letters, private studies and in-person lobbying appeals. The agencies, which published a rough draft of the rule in October 2011, collectively received several thousand comment letters about it.

As the process dragged on, regulators formed their own battle lines. Some officials at the Federal Reserve and the S.E.C. have at times tamed aspects of the rule, officials say, fearing it might inhibit banks from activities that are considered important for their health and the functioning of markets. Conversely, the C.F.T.C. and Kara M. Stein, a Democratic commissioner at the S.E.C. who says she favors a strict Volcker Rule, pushed to close potential loopholes.

The tension largely centered on how to distinguish legitimate practices from proprietary trading, a lucrative yet risky practice in which banks trade for their own gain. The Volcker Rule prevents banks that have deposit insurance and other government support from proprietary trading, but it does not ban similar types of trading that are thought to be part of a bank’s basic business. For example, banks are still allowed to buy stocks and bonds for their clients — a process known as market-making — and place trades that are meant to hedge their risks.

Ms. Stein and Gary Gensler, the C.F.T.C. chairman, said they worried that the market-making and hedging exemptions were too generous to Wall Street. They urged fellow regulators to insert language that would limit banks from amassing large amounts of stock under the guise of market-making — an effort that proved successful in recent days, according to officials briefed on the rule.

Underscoring the tension surrounding the rule, other regulators inserted more lenient language in other aspects of the draft and complained that Mr. Gensler’s agency should have raised concerns sooner. The agency instead spent most of the last few years completing dozens of other new rules under Dodd-Frank.

For Mr. Gensler, who is leaving his agency when his term expires on Jan. 3, the Volcker Rule is likely to be one of his final acts as a regulator.

“This is one of the most challenging rules to get done in a balanced way, but everyone is working in good faith along that path,” Mr. Gensler said in an interview last month.