Big banks in the US face looser restrictions on investing their own money in venture capital funds under the latest plan to ease the Volcker rule’s limits on speculative trading, according to people familiar with the matter.

US regulators, including the Federal Reserve and the Office of the Comptroller of the Currency, on Thursday are set to propose removing the 3% limit on the stake banks can own in venture funds they offer to their clients. The limit on banks’ stakes in hedge funds and private-equity funds is expected to remain in place.