Volcker: three issues financial regulation so far has missed

The sweeping U.S. financial regulation that introduced the Volcker Rule to banks missed three important areas, the provision’s namesake said Wednesday. Paul Volcker, chairman of President Barack Obama’s Economic Recovery Advisory Board and former Federal Reserve chairman, said the U.S. mortgage market, money market funds and ratings agencies are issues that still need to be addressed in the wake of the global economic crisis. He also said that quasi-government institutions are “abnormal” and don’t work. Volcker was speaking at an International Economic Alliance event in New York.

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