Quoting the Crisis24/09/2009
“ The Treasury, fully recognizing the need for such broad oversight, has essentially recommended a council of regulatory agencies under Treasury chairmanship. I write with some confidence that a council of variegated agencies with their own particular challenges, policies, and constituencies cannot be expected to efficiently and effectively serve as a coordinating body. In practice, the burden would be on the Treasury, an agency for which I have had enormous respect and pride and in which I have served in my years in Government. I also know that it would need to build staff, competence and experience in the regulatory arena from a standing start. It is subject more directly to funding constraints and political forces and direction that may inhibit action. The needed cooperation and coordination of regulatory and supervisory practice internationally has been, and I think should remain, heavily dependent on national central banks, most of which have a substantial role in prudential regulation. „
Paul A. Volcker in his statement before the Committee on Banking and Financial Services of the House of Representatives (PDF)
Quote posted at 19:06
