U.S. President Barack Obama launched a fight with Wall Street by announcing a new plan to limit banks' size, the man standing at his side was former Federal Reserve Chairman Paul Volcker.
Volcker's clout on the White House economic team was on full display as the 6-foot-7-inch longtime adviser took the choice spot next to Obama, who named his proposal to restrict bank trading activities "the Volcker Rule."
The 6-foot-1 Obama referred to Volcker as "this tall guy behind me."
U.S. Treasury Secretary Timothy Geithner and senior economic adviser Lawrence Summers -- who attended the announcement but at a greater distance from the president -- still wield a tremendous amount of power.
Volcker, who commands respect on Wall Street and among both Democrats and Republicans, is seeing a resurgence of his influence after venting frustrations to friends that he had been left out in the cold when it came to economic decision-making at the White House.
The 82-year-old Volcker was one of Obama's most influential advisers during his 2008 presidential campaign and now chairs a panel of outside economic advisers to the White House.
He had rarely been seen in Washington since the start of the Obama administration and made no secret of a difference in opinion with the White House over how to deal with the problem of "too big to fail" financial firms.
Source : http://www.reuters.com/article/idUSN2215397320100122?type=marketsNews
Volcker's clout on the White House economic team was on full display as the 6-foot-7-inch longtime adviser took the choice spot next to Obama, who named his proposal to restrict bank trading activities "the Volcker Rule."
The 6-foot-1 Obama referred to Volcker as "this tall guy behind me."
U.S. Treasury Secretary Timothy Geithner and senior economic adviser Lawrence Summers -- who attended the announcement but at a greater distance from the president -- still wield a tremendous amount of power.
Volcker, who commands respect on Wall Street and among both Democrats and Republicans, is seeing a resurgence of his influence after venting frustrations to friends that he had been left out in the cold when it came to economic decision-making at the White House.
The 82-year-old Volcker was one of Obama's most influential advisers during his 2008 presidential campaign and now chairs a panel of outside economic advisers to the White House.
He had rarely been seen in Washington since the start of the Obama administration and made no secret of a difference in opinion with the White House over how to deal with the problem of "too big to fail" financial firms.
Source : http://www.reuters.com/article/idUSN2215397320100122?type=marketsNews
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