Volcker takes exception with White House plan on banks

09/21/2009 | Bloomberg

Former Federal Reserve Chairman Paul Volcker, now an outside economic adviser to President Barack Obama, made comments that are critical of a White House plan to give the Fed regulatory authority over "systemically important" financial firms. "I don't know what systemically important institutions are," Mr. Volcker said. "But I'm sure that if you picked them out, people will assume they're going to be saved, that they're too big to fail."

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