Was Volcker a practical expert?

In short, Volcker was a practitioner-expert. Today, Fed officials tend to be economists and academics. Most have never written a loan. Volcker represented the triumph of the bureaucrat-professional, exactly what President Trump is bent on destroying.

What is Paul Volcker doing now?

Paul Volcker serves as an honorary co-chairman for the World Justice Project. The World Justice Project works to lead a global, multi-disciplinary effort to strengthen the rule of law for the development of communities of opportunity and equity.

What is Volcker’s Volcker Rule?

Volcker blamed the 2008 financial crisis on poor regulation of the financial sector. As the board chair, he advocated tougher banking regulations with the Volcker Rule. It prohibits large banks from using customer deposits to trade for their profit.

Does Volcker have a conflict of interest?

In a report last week, the conservative Heritage Foundation contended that Mr. Volcker had a conflict of interest that ‘threatens his credibility’ as head of the commission because he had not disclosed that he was a director of the United Nations Association of the United States of America, which the report called ‘a pro-U.N. advocacy group.’

What did Volcker say about proprietary trading?

Volcker argued that such speculative activity played a key role in the financial crisis of 2007–2008. The rule is often referred to as a ban on proprietary trading by commercial banks, whereby deposits are used to trade on the bank’s own accounts, although a number of exceptions to this ban were included in the Dodd-Frank law.

How did Volcker begin to regale Volcker with tales of his son?

He began to regale Volcker with tales of how his son, who worked for a hedge fund, was making big money and living lavishly. Get the full experience. Choose your plan

What happened to the EU’s Volcker Rule?

On October 24, 2017, citing “no foreseeable agreement” in sight on criteria, the European Commission scrapped the draft legislation that would have permitted the EBA regulator to order ” too big to fail ” banks to split off their trading activities. The draft was supposed to be the EU ‘s answer to the United States ‘ Volcker Rule.