Volcker's crusade to rein in money market funds

For 30 years, Paul Volcker, the former chairman of the Federal Reserve, hasn't concealed his distaste for money market mutual funds. As chairman of President Obama's Economic Recovery Advisory Board, he may finally have the power he needs to impose regulations on money market funds that would make them operate more like banks.

Volcker told Bloomberg in an interview that he does think they play a major role in the commercial paper market, but that they are just funneling money that should go to the banks.