Volcker calls for U.S. financial regulation shakeup

April 20, 2015 4:49 PM

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Volcker calls for U.S. financial regulation shakeup

WASHINGTON (Reuters) - The U.S. financial regulatory system is outdated and riddled with loopholes, former Federal Reserve Chairman Paul Volcker said on Monday as he offered an overhaul plan to make watchdogs more effective.

The rise of the shadow banking sector - companies that provide credit but are not regulated as banks - demonstrates the urgency of regulatory reform, which failed to take root after the 2007-09 financial crisis, he said.

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