From: Wall Street Journal
By Liz Moyer
Former Federal Reserve Chairman Paul Volcker said the U.S. doesn’t need six financial regulatory agencies and the current system has overlaps and loopholes that play into the hands of lobbyists.
Speaking at a luncheon before the Economic Club of New York, which gave him a leadership excellence award, Volcker said only two or three agencies were needed. He said he thought the Fed should be one of those, and one overseeing depositary institutions would also be necessary.