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.