Volcker Outlines Plan for Overhauling Financial Regulation

From: WSJ | MoneyBeat

By Ryan Tracy

WASHINGTON — Former Federal Reserve Chairman Paul Volcker outlined a new plan for revamping the way the U.S. government oversees the financial system, adding his voice to an idea that is broadly supported – even if Congress can never muster enough votes to pass it.

Mr. Volcker said he and his think tank, the Volcker Alliance, will soon publish a paper calling for consolidating and reorganizing U.S. financial regulators, including creating a single agency to supervise financial institutions while leaving the Federal Reserve the authority to write regulations for them.

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