The U.S. Commodity Futures Trading Commission Wednesday unveiled its version of the controversial Volcker rule.

At a CFTC meeting in Washington D.C., the regulator proposed its version of the Volcker rule, which imposes restrictions on banks’ proprietary trading activities, and their involvement with hedge funds and private equity businesses. U.S. banking and securities regulators have already published their own version of the proposal back in the fall.

Those proposals have already proven controversial not only with U.S. firms, which fear its impact on their revenues, but also with Canadian firms and regulators. They are worried that it could unintentionally constrain Canadian firms’ risk management efforts, and harm market liquidity.

“I support putting out to public comment the Volcker rule proposal, which is consistent with the joint rule proposed by other financial regulators last fall,” said CFTC chairman, Gary Gensler. “I know the proposal will get a lot of comments, and I look forward to the public input.”

Additionally, the CFTC is to consider three final rules: dealing with segregation of customer funds for cleared swaps; requiring registration of swap dealers and major swap participants; and, setting business conduct standards for swap dealers and major swap participants with counterparties.

“The financial crisis of 2008 had real costs for the economy and the American public – eight million jobs were lost and millions of Americans lost their homes. Until we complete the Dodd-Frank swaps market reforms, the public remains at risk,” Gensler noted.