Former Fed Chief Proposes Regulatory System Overhaul

April 20, 2015 5:43 PM

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At least that’s the suggestion from former Federal Reserve Chairman Paul Volcker and his organization, Volcker Alliance, who released what the organization called a “long delayed, now crucial” proposal report Monday entitled “Reshaping The Financial Regulatory System.” In it, Volcker, who served as chairman of the central bank under presidents Carter and Reagan, recommends scrapping the OCC and merging various other regulatory agencies into a more manageable, more focused financial oversight enterprise.

A core argument of the report is that the government’s attempt to handle the economic disasters of the past several decades have resulted in a bloated and redundant regulatory infrastructure that has made a mess of its own efforts to police the nation’s financial system.

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