Yesterday when we heard that Paul Volcker was leaving the White House we figured it was normal midterm rotation. Or perhaps, we thought, he was quitting out of frustration.
But nope. The man who created the Volcker Rule, the part of Financial Reform with the sharpest teeth, is being forced out, as The White House takes on a more business-friendly stance.
According to Bloomberg, Volcker was kept out of discussions to reconstitute the Economic Advisory Recovery Board.
Also on the “pro business” front, Obama officially announced that Bill Daly is taking over as chief of staff.
Somewhere Larry Kudlow is very, very happy.