In testimony before Senator Charles Schumer’s (D-NY) Joint Economic Committee, Paul Volker called for more, and more effective regulation of the financial markets.

There is a back story to all of this. Volker was one of the Fed members who tried to keep depression era policies in place, with folks like Alan “Bubbles” Greenspan out maneuvering him on things like the emasculation of Glass Steagall by the Fed before the law was repealed.