Ed. note: This has been cross-posted from Treasury.gov
Monday night, former Fed Chairman Paul Volcker sat down with Charlie Rose to discuss ongoing Administration efforts to prevent a future financial crisis and spark economic growth. He offered his views on many topics, from the need to keep moving forward to implement Dodd-Frank reforms, to the first proposals of his namesake rule—the Volcker Rule.
The Volcker Rule is a critical component of Dodd-Frank that prohibits banking entities that benefit from government protections—such as FDIC insurance on customer deposits or access to the Federal Reserve discount window—from engaging in proprietary trading and from certain relationships with hedge funds and private equity funds. President Obama fought hard to make sure this important provision was a part of Wall Street reform legislation, and the banking regulators are hard at work to effectively implement the law.
Below are key excerpts from the interview and a link to watch the full video.
Fonte: White House