Financial shares are lower in mid-session trading while Jackson Hewitt Tax (JTX) plunged after the company cancelled its earnings conference call in light of ongoing discussions between JTX and lenders under its senior secured credit agreement. Meanwhile, Financial Institutions (FISI) shares are just higher after the company said late Wednesday it priced 2.4465 million shares at .35 each in an offering. The deal is seen closing on or about March 15.

President Obama calls for new restrictions on the size and scope of financial institutions to rein in excessive risk-taking and protect taxpayers. The proposed legislation is called the Volcker Rule in recognition of the efforts of former Federal Reserve Chairman and current Presidents Economic Recovery Advisory Board Chairman Paul Volcker. January 21, 2010.