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Volcker Urges Merging Agencies to Boost Financial Oversight

Paul Volcker, former chairman of the U.S. Federal Reserve.

Paul Volcker, former chairman of the U.S. Federal Reserve.

Photographer: Pete Marovich/Bloomberg
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Five years after giving his name to a rule designed to restrict trading by Wall Street banks, Paul Volcker is pushing for another change that would put at least one top regulator out of business.

The Federal Reserve would be at the helm of a reorganized regulatory system that eliminates the Office of the Comptroller of the Currency and combines other agencies in a plan released Monday by the Volcker Alliance, a group formed by the former central bank chairman in 2013.