Ex-Fed chief says reforms must include hedge funds

Indianapolis Star – Paul Volcker, an adviser to President Barack Obama, urged "fundamental changes and reform of the financial system" that will help the U.S. economy recover from its crisis and promote future growth.

The former chairman of the Federal Reserve called for "particularly close regulation and supervision" of large commercial banks and other financial institutions whose failure would cause a breakdown in the banking system. Volcker, testifying to the Senate Banking Committee on Wednesday, reprised recommendations from the Group of 30 last month. Volcker spearheaded that report.

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