Paul Volcker

Stories 1 - 20 |  Next >>

Volcker Rule Too 'Complicated,' Says ... Volcker

Financial lobbyists added too much, claims former Fed chair

(Newser) - How’s this for irony: The Volcker rule is too complex and long … according to the guy whose name is on the rule. "It's much more complicated than I would like to see," said Paul Volcker during a talk in Singapore today. Who’s to blame... More »

GE CEO to Head Obama's Job Council

Jeffrey Immelt to replace Paul Volcker atop renamed group

(Newser) - President Barack Obama is restructuring his economic advisory board to place an emphasis on job creation, and he is naming General Electric CEO Jeffrey Immelt as its new head. The new board, called the President's Council on Jobs and Competitiveness, will replace the former Economic Recovery Advisory Board that had... More »

Volcker to Join White House Exodus

Economic titan leaves mixed legacy, will continue to advise

(Newser) - Economic heavyweight Paul Volcker is adding his name to the list of advisers leaving the White House this month, reports Reuters. The 83-year-old architect of the Volcker Rule will no longer head up the President's Economic Recovery Advisory Board , but has indicated that he'll continue to advise President Obama as... More »

Bank Risk Rules Could Die in Senate

Retiring Dodd wants GOP support, Obama be damned

(Newser) - President Obama’s plan to limit the amount of risk big US banks can take could well die in the Senate if the measure isn’t seen as bipartisan enough by Chris Dodd, the retiring Banking Committee chair, and Senate Republicans. “He wants to end his career with an... More »

Time to Pull Plug on 'Too Big to Fail'

Former Fed chair wants mechanisms to let 'em fail

(Newser) - It's more than a year after Americans learned the definition of "too big to fail," and it's time to push through the reform that will save having to re-learn that painful lesson, writes Paul Volcker in the New York Times . "As things stand," writes the chair... More »

Volcker Trumps Geithner With Tough Bank Rules

Treasury Secretary's influence over Obama fading

(Newser) - Paul Volcker scored a major victory yesterday as Barack Obama endorsed his proposal for tough new bank regulations over the objections of Tim Geithner. Obama even dubbed the proposal, which would prevent banks from making speculative investments that don't benefit their customers, the “Volcker Rule.” It’s a... More »

Obama to Propose Knocking Banks Down to Size

President plans new limits on bank size, risk-taking

(Newser) - President Obama, going on the offensive against Wall Street banks "too big to fail," plans to propose measures to limit the size of banks and their ability to take risks, according to administration sources. Adopting an approach championed by former Fed chief Paul Volcker, he wants to bar... More »

McCain, Cantwell Join Forces to Break Up Banks

Unlikely duo sponsor bill to reinstate Glass-Steagall

(Newser) - John McCain, reconnecting with his inner maverick, has teamed up with liberal firebrand Maria Cantwell on a bill to break up Wall Street banks by reinstating the Glass-Steagall Act. The Depression-era law, dumped a decade ago, enforced a split between commercial banking and investment banking. The effort to bring it... More »

Volcker to Bankers: 'Wake Up, Gentlemen'

Former Fed chief blasts them on pay, 'innovation'

(Newser) - Former Fed chair Paul Volcker had some harsh words for international bankers and regulators about the poor practices that led to the global financial crisis—and continue to this day. Volcker, who advises President Obama, surprised a forum in Britain with this broadside on pay: “Has there been one... More »

Volcker: Obama Plan May Lead to More Bailouts

Former Fed chief faults strategy of 'too big to fail'

(Newser) - A top White House economic adviser says the Obama administration's proposed overhaul of financial rules preserves the policy of "too big to fail" and could lead to future bailouts. Former Fed chief Paul Volcker told Congress that by designating some companies as critical to the broader financial system, the... More »

Obama's Econ Board Doesn't Look So Transparent

Transparency falling to expediency?

(Newser) - When Barack Obama announced his Paul Volcker-led economic advisory board, he said it would meet every 2 weeks. Six weeks later it still hasn’t met, and isn’t planning on doing so until “late spring”—at least not publicly. Board members hint that some are meeting in... More »

Vetting Process Leaves Agencies Understaffed

Stimulus increases workload, but senior posts vacant

(Newser) - President Obama’s nominee vetting process is making it hard for federal agencies to get to work on new projects, the Boston Globe reports. Of about 500 senior positions, only 70 have been filled. Normally that wouldn’t be a problem, but the passage of the stimulus package “may... More »

Obama: Jobs Report Proves We Can't Delay

(Newser) - Barack Obama unveiled his Paul Volcker-led economic panel today and took the opportunity to make another forceful plea for his stimulus package, CBS reports. Today’s ghastly jobs report proved “the need for wise counsel and bold and immediate action,” Obama said. “It is inexcusable and irresponsible... More »

Obama Names Economic Panel, Volcker to Lead

Drawing on industry and academia, Obama hopes to avoid Beltway vacuum

(Newser) - The White House today named a team of economic advisers, led by former Fed chairman Paul Volcker, to help shape the economic recovery with voices from outside the Beltway, the Washington Post reports. With an initial term of 2 years, the White House Economic Recovery Advisory Board will add to... More »

Democrats Promote Volcker as Car Czar

White House, Dems see Obama's economic guru as good choice

(Newser) - Former Federal Reserve chief Paul Volcker is shaping up as the frontrunner for the new “car czar” position included in the Big Three bailout bill that passed the House last night, reports the Wall Street Journal. The selection is being coordinated between the White House and the incoming Obama... More »

Volcker Will Call for Tough Measures to Right Economy

Ex-Fed chief says consumerism, unchecked Wall Street to blame for woe

(Newser) - Paul Volcker is known for the tough measures he used as Fed chief to reel in inflation in 1981, risking a recession and widespread pain in the short term to get the economy back on track for the next 2 decades. Now Volcker, tapped as chairman of Obama’s Economic... More »

Obama Should Beware 'Best and Brightest'

A la JFK's Cabinet, too often masks poor judgment, inexperience

(Newser) - Barack Obama has won praise for appointing “the best and the brightest” to his Cabinet during a time of war and economic hardship. But all the back-patting sounds a little too familiar, Frank Rich writes in the New York Times. “The stewards of the Vietnam fiasco had pedigrees... More »

Dow Extends Rally, Rises 247

Grim earnings and economic reports can't stop Street's rise

(Newser) - The markets extended a winning streak into a fourth session today, despite mostly dismal economic data, the Wall Street Journal reports. Consumer spending and orders for durable goods fell over the last month, but the Dow closed up 247.14 points at 8,727. The Nasdaq rose 67.4 points... More »

Rubin Won't Take Treasury Post

Decision paves the way for another former Secretary, Lawrence Summers

(Newser) - Former Treasury Secretary Robert Rubin, a top economic adviser to Barack Obama during the campaign, will not reprise that Cabinet role in the new administration, Bloomberg reports. “I've spoken with him and told him I'm not interested in going back into government,” Rubin said today. His denial boosts... More »

Obama Gets Down to Business

Treasury chief may be announced today as transition gears up

(Newser) - The Barack Obama team is swiftly dismantling his presidential campaign network and getting the framework in place for the transfer of power, the Washington Post reports. Economic issues are taking priority and the president-elect may announce his Treasury secretary as soon as today. Sources say New York Fed Chief Timothy... More »

Stories 1 - 20 |  Next >>