Former Federal Reserve Chairman Paul Volcker

A new report on reorganizing and simplifying the federal financial regulatory system left the NCUA off a list of independent financial regulators that would set financial policy over the most systemically-sensitive institutions and corporations.

The report, issued by The Volcker Alliance, a public policy organization headed by former Federal Reserve Chairman Paul Volcker, also stated the Securities and Exchange Commission and the Commodity Futures Trading Commission would merge; an overarching Prudential Supervisory Authority closely tied to the Federal Reserve would be created; and the Federal Stability Oversight Council would establish a Systemic Issues Committee. 

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