But a record expansion is apparently not enough for Wall Street. Among the items bankers disliked in the May proposal, a new so-called accounting prong sparked repeated complaints. That addition would help determine whether certain trades would count as short-term, causing them to be prohibited under the rule. The Committee on Capital Markets Regulation, whose members include 36 leaders from the finance, investment, business, law, accounting, and academic communities, said that transactions “that are clearly not short-term trades” will be swept into the definition of proprietary trading under the proposal. The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness wrote that the accounting prong “should be eliminated in its entirety.”

Among other requirements, the accounting prong adds a new test to determine whether trades are speculative that focuses on accounting standards. If a trading desk has less than $25 million in gross trading losses and gains over a 90-day period, regulators would simply assume that it is in compliance. Despite all the complaints, that’s a proposal with a huge hole, wrote Elise Bean, a former staffer for Sen. Carl Levin who led a Senate subcommittee on investigations into the financial crisis. A bank looking to get around that regulation could simply “establish a network of trading desks, each designed to fall below the $25 million threshold.”

Just days after the public comment deadline, Wall Street combatants began to meet with regulators in an attempt to influence the inevitable revisions to come. On October 22, four officials from SIFMA met with Elad L. Roisman, a Republican SEC commissioner, and four of his lawyers.

In private meetings with regulators in the months ahead, lobbyists are sure to be pushing to make the Fed’s proposal ever more industry friendly, including cutting back on reporting requirements and delegating banks to regulate themselves. Those approaches intentionally blind regulators from doing their jobs, wrote Dennis Kelleher, president and CEO of the nonprofit financial reform group Better Markets. “With billions of dollars on the line, it is simply wrong to go back to a ‘trust us’ model of regulation, where regulators defer to the financial industry to police itself,” he said. “Everyone knows how spectacularly unsuccessful that was before the catastrophic crash of 2008.”

This article was reported in partnership with the Investigative Fund at the Nation Institute, where Susan Antilla is a reporting fellow.