The Parliamentary Commission on Banking Standards will hold its second public session on Wednesday 17 October with Paul Volcker giving evidence.
2.00pm in The Grimond Room, Portcullis House
- Paul Volcker, Former Chairman of the Federal Reserve
Commenting on the appearance of Mr Volcker before the Commission, the Chairman of the PCBS, Andrew Tyrie MP, said:
"The UK and America are world leaders in financial services. Public trust in banks plummeted as a result of the banking crisis in both these countries.
Between us, we must lead the way in restoring that trust.
There is no-one better placed than Paul Volcker to shine some light on the standards and culture prevailing in the US banking industry.
In addition to his vast industry experience, Mr Volcker has been at the forefront of recent regulatory attempts to reform the American banking system.
The Commission will want to hear Mr Volcker’s thoughts on America’s recent experiences with regulatory reform; on the steps that have been taken, on areas that require further work and on how these proposals compare with those put forward in other countries, not least in the UK.
Banking is one of the UK’s most important industries. This is an inter-connected, global industry with long-standing, global problems. There are good arguments for more cooperation between regulators, in order to secure better standards across the world and to avoid regulatory arbitrage."