Former Fed
Chair Paul Volcker has formed an Alliance to improve governance and be a catalyst for the implementation of
federal legislation. The Volcker Alliance will include former SEC Chair William
Donaldson, former FDIC Chair Shelia Bair and former Fed Vice Chair Alice
Rivlin. Chairman Volcker said that there is an urgent need to restore
confidence in how Congress and other public institutions implement policy.
Former Chairman Donaldson emphasized concern over the poor state of public
trust in government, which he said is a reflection, in part, of woefully
inadequate attention to government’s capacity to execute effectively on its
day-to-day responsibilities.
Working in
partnership with leading thinkers in government, business, and the public
interest community, the Volcker Alliance will sponsor research on government
performance, make actionable recommendations for policy development and
implementation, and provide a forum for discussion of new ideas and tools to
strengthen policy execution at all levels of government. Beyond that, the
Alliance is committed to taking actions that contribute to a high degree of
confidence in both the decision-making processes of government and in its
administrative management. While academics and governments alike concentrate on
issues of high policy, noted Chairman Volker, the Alliance will endeavor to
rekindle intellectual, practical, and academic interest in the implementation
of policy. The Volcker Alliance will deal with the nuts and bolts of
governance, he added.