Paul Volcker, at 91, Sees ‘a Hell of a Mess in Every Direction’
The former Fed chairman, whose memoir will be published this month, had a feisty take on the state of politics and government during an interview.
The book, which Mr. Volcker wrote with Christine Harper, editor in chief of Bloomberg Markets, is a telling memoir about a man who not only redefined the role of Fed chairman but, after the financial crisis, conceived of a namesake rule that eliminated some of the most blatant risk-taking by Wall Street banks. The Volcker Rule, which was part of the Dodd-Frank regulatory legislation, is being chipped away at by Republicans, which doesn’t sit well with him.
“There is no force on earth that can stand up effectively, year after year, against the thousands of individuals and hundreds of millions of dollars in the Washington swamp aimed at influencing the legislative and electoral process,” he wrote in the book.