Five Former Treasury Secretaries Endorse the Volcker Rule


Five former Secretaries of the Treasury who served in both Democratic and Republicans administrations are urging Congress to enact the Volcker Rule. Named after former Federal Reserve Chairman Paul Volcker (pictured), who has been the leading advocate of this regulatory approach, it would prohibit commercial banks from engaging in certain risky activities. Whether the secretaries' collective weight will sway legislators despite opposing pressure from the powerful financial services lobby remains to be seen.