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RESHUFFLE Sources: Volcker to Resign Bloomberg

Sources: Volcker to Resign

The latest man to fall in the White House reshuffling is Paul Volcker, the former Federal Reserve chairman who has headed a panel of economic advisers to President Obama, sources told Reuters. Although Obama plans to announce several staff changes soon, the decision to leave the board of advisers was Volcker’s. Although Volcker has long been a legendary figure for his time as Fed chief in the 1980s, Volcker has met some opposition in his time serving Obama. While at the Obama White House, Volcker became famous for the Volcker Rule, a provision in the 2010 financial-reform bill that puts limits on proprietary trading by U.S. banks, which was met with intense opposition by Wall Street. A formal announcement is expected Friday.

January 5, 2011 4:56 PM