Volcker Says Fed Shouldn't Rely on a Rule to Set Policy

The transcript discusses the relevance of a 21st-century Glass-Steagall Act, the regulation of investment banks, and the role of the SEC. It suggests creating a new supervisory agency linked to the Federal Reserve to ensure unified oversight. The importance of aligning domestic and international bank regulations is emphasized. The discussion concludes with a preference for discretionary monetary policy over strict rules.

What does the speaker suggest as a solution for improving supervisory authority in banking?

What are the speaker's views on the need for consistency in bank regulations with international standards?

How does the speaker feel about the idea of a monetary policy rule for the Federal Reserve?