An efficient, competitive private mortgage market, an area in which commercial bank participation is needed. Those are matters for another day.
In this country, I believe regulation of large insurance companies operating over many states needs to be reviewed. We also face a large challenge in rebuilding an efficient, competitive private mortgage market, an area in which commercial bank participation is needed. Those are matters for another day.
-- Paul Volcker, a former chairman of the Federal Reserve, chairman of the president's Economic Recovery Advisory Board.
Op-Ed Contributor
How to Reform Our Financial System
By PAUL VOLCKER
Published: January 31, 2010
Reform of the financial system, including regulation of the banks whose collapse would disrupt the market, can do away with the concept of "too big to fail."