Former Federal Reserve Chairman Paul Volcker was an early supporter of Barack Obama's presidential campaign and was named head of the President's Economic Recovery Advisory Board. But that hasn't been enough to get White House support for the tough reforms that Volcker wants enacted to fix what's wrong with the nation's banks. Volcker wants to prevent banks from owning and trading risky securities, and he proposes that the industry be divided into two separate parts: mainstream commercial banking and investment banking.

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