Volcker to Trump: If you want to be useful, rationalize crazy U.S. financial regulatory system

Former Federal Reserve chairman Paul Volcker with Fed chairwoman Janet Yellen and former Fed chair Ben Bernanke.

There would be no better use of President Donald Trump’s deregulatory zeal than to engineer a wholesale redesign of the crazy quilt of federal agencies that regulate Wall Street and the financial sector, former Fed Chairman Paul Volcker said Wednesday.

While everyone complains about the fragmented structure of regulatory agencies, there is enormous resistance to change, Volcker said in a speech to the Bretton Woods Committee meeting in Washington.

So far, some 50 efforts have been made since World War II to streamline the agencies but all have failed, he noted.

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