Volcker calls for changes in financial regulation

02/5/2009 | NYTimes.com

Paul Volcker, head of the Economic Recovery Advisory Board for the Obama administration and former chairman of the Federal Reserve, told a Senate panel that changes are needed in the regulation of financial institutions and products. He testified that Fannie Mae and Freddie Mac should no longer be hybrid public-private enterprises and said that instead, the government should help borrowers through "clearly designated government agencies."

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