Former Federal Reserve Chairman Paul Volcker will call for Congress to “define the business of commercial banks” and set policies to resolve large, complex failing institutions with “euthanasia not a rescue,” according to his remarks prepared for delivery before a Senate panel Tuesday and obtained from a Capitol Hill source.
Volcker is scheduled to appear before the Senate Banking Committee to lay out an Obama Administration proposal named after the former Fed chair. The “Volcker Rule” would prevent commercial banks from engaging in proprietary trading or in business with hedge funds or private equity funds.
Full story: Volcker to Stress Need for a New ‘Resolution Authority’ for Failing Firms – FOXBusiness.com