But Volcker would have been far harder to control by the White House.
Volcker worried that by mixing traders with commercial bankers, unfettered risk would infect savings and checking accounts.
People began predicting a roll back of Volcker and watering down of other measures.
Indeed, the White House PR team should have gotten Volcker on all the Sunday talk shows to alert the public.
More than anything else, the president needs a younger, more charismatic Volcker as the face of his economic message.
The Volcker Rule, a component of the far-reaching Dodd-Frank law, required large banks to cut back on proprietary trading.
Volcker, it should be noted, came to the Obama administration with great fanfare.
Instead of playing it politically safe and setting us all up for a larger crash later, Congress should take heed of Volcker.
Volcker met recently with an old source of mine, a former banker at Goldman Sachs.
Volcker is very passionate about bringing back Glass-Steagall,” this banker told me, “but no one on the inside is listening.