President Barack Obama's proposal to prohibit commercial banks from certain chancy trading activities, key senators are expected to question the role of the plan in financial crisis, expectedly resulting in a setback for the administration's offer to lessen the size and extent of the largest U. S. banks.

The proposal aimed at making any commercial bank with federally insured deposits shed certain divisions from their organization to rearrange their business. Companies like Goldman Sachs Group Inc., Morgan Stanley and J. P. Morgan Chase & Co. can be pushed to do so, if the practice is implemented. However several former Treasury secretaries supported the plan but an opposing reaction was received from the Wall Street.

After confrontation, Senate Banking Committee Chairman Christopher Dodd and other legislators are likely to introduce a plan with more specifications regarding risky trading at banks to the regulators next week.

Republic Senator Alabama Richard Shelby has been at a distance after the proposal named Volcker rule, after former Federal Reserve Chairman Paul Volcker, was introduced by the White house.

Shelby's office stated, "Sen. Shelby supports the spirit of the Volcker rule -- limiting risk to financial institutions and the taxpayer through excessive risk taking -- but is not convinced that the proposal itself is necessary".