A battle over banking reform
Since becoming Federal Reserve Board chairman in 1979, Paul Volcker has built a daunting political power base. When his term was running out last summer, Volcker's clout in Congress and the financial community helped him survive a campaign by Treasury Secretary Donald Regan to prevent his reappointment. Now the Federal Reserve chairman has again shown his strength. In a battle among top Government officials, Volcker has blocked a plan that would have diminished the Federal Reserve's powers over U.S. banks as part of an effort to centralize the...
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