Give Volcker Real Authority, Says Bill Bradley


Another big voice observes that Tim Geithner needs help.

Bloomberg: Former Senator Bill Bradley urged President Barack Obama to grant former Federal Reserve Chairman Paul Volcker “real authority” as part of his economic team.

Bradley, managing director of Allen & Co. LLC and a one- time Democratic presidential candidate, said Volcker’s Economic Recovery Advisory Board can offer a “balanced view” to White House insiders such as Treasury Secretary Tim Geithner and National Economic Council Director Larry Summers.

Larry Summers and Tim Geithner are great people, but a president needs to also have a balanced view from the outside,” Bradley said…

“The wise decision would be to invigorate that committee and give him real authority,” Bradley said of Volcker. Obama would “have the best on the outside and the best on the inside.”

Volcker, 81, has called for a two-tiered financial system that would limit risk-taking by the most systemically important firms, an idea that Summers and Geithner haven’t embraced. 

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