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The Volcker rule, a centerpiece of the 2010 Dodd-Frank financial law aimed at barring banks from the kinds of risky practices that contributed to the economic meltdown, was approved by five key regulators on Tuesday, clearing the way for its implementation.

The U.S. Commodity Futures Trading Commission became the fifth and final body to approve the rule Tuesday. The Federal Reserve and the Federal Deposit Insurance Corp. were also among the agencies that gave the green light.

"As part of this Wall Street reform, we fought to include the Volcker Rule — a rule that makes sure big banks can't make risky bets with their customer's deposits," President Obama said in a statement on Tuesday. "The Volcker Rule will make it illegal for firms to use government-insured money to make speculative bets that threaten the entire financial system, and demand a new era of accountability from CEOs who must sign off on their firm's practices.

"Our financial system will be safer and the American people are more secure because we fought to include this protection in the law," he said.

Treasury Secretary Jack Lew said the task of financial regulatory reform "is an ongoing exercise in remaining vigilant against market behavior that threatens the stability of our financial system."

"Nevertheless, completion of this rule is an important milestone," he said.

The Wall Street Journal reports:

"The rule will put in place new hurdles for banks that buy and sell securities on behalf of clients, known as market making, and will restrict compensation arrangements that encourage risky trading. The Fed also approved an extension to give banks until July 2015 to comply with the rule, though firms will be expected to make 'good faith' efforts to get into compliance earlier."