Feb 06 2012 |
more articles from
|
Obama's economic advisor to address Global Financial Markets Forum in Abu Dhabi
Abu Dhabi, Feb 06th, 2012 (WAM) -- The 2012 Global Financial Markets Forum (GFMF) will kick start on February 29 with a keynote address by Paul Volcker, the Former Chairman of the US Federal Reserve System and economic advisor to President Barack Obama.
GFMF, the annual conference organised by the Financial Markets Division of the National Bank of Abu Dhabi (NBAD) will last until 1 March. Volcker’s keynote address will be titled: "The Future of Global Financial Markets and the Impact of the Volcker Rule".In his capacity as advisor to President Barack Obama, Volcker proposed a set of financial reform rules that included restricting commercial banks from proprietary trading, which he called "speculative trading" because it adds an unnecessary layer of risk.In a recent conversation with GFMF's organisers, Volcker said about the scope of these regulations: "The impact beyond the USA will be minimal, and to the extent it exists is likely to be constructive"."Proprietary trading indirectly leads to conflicts of interest with bank customers, patterns of compensation and organizational culture out of keeping with traditional banking," Volcker added: "Commercial banks provide services essential to the economy - maintaining its payments system, lending particularly to small and medium-sized businesses, and providing a safe depositary for liquid funds".Mahmood Al Aradi, the Senior General Manager of NBAD’s Financial Markets Division, said that Volcker is an ideal choice to speak about markets' recent and future challenges."Certainly, Mr. Volcker insights into market factors, economic models and philosophy on recovery would be invaluable." said Al Aradi.Volcker served in the Federal Government for nearly three decades and under five presidents: John F. Kennedy, Lyndon B. Johnson, Richard M. Nixon, Jimmy Carter and Ronald Reagan.In 1979, Volcker was nominated by President Jimmy Carter to fill the most powerful economic seat in government--chairman of the Federal Reserve Board. As chairman, he also had oversight of the 12-member Federal Open Market Committee (FOMC), which decides the conduct of U.S. monetary policy.
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment