Simultaneous with Paul Volcker's taking up an assignment from Obama to try to derail the movement for re-introducing Franklin Roosevelt's Glass-Steagall legislation, the Pew Charitable Trusts unveiled a "Systemic Risk Council," with the same Paul Volcker in second billing as "senior advisor," as part of the same effort. It was announced on June 6, and made a public debut in Washington on June 18.
Pew Charitable Trusts is a fund representing the fortune of the Pew family, the founding family of Sun Oil (Sunoco). In the 1930s, the Pew family was one of the major funders of the American Liberty League, a fascist organization centered around the Morgan interests and linked to European fascist movements, which organized for a fascist putsch against Franklin Roosevelt after his election — as was famously exposed by Gen. Smedley Butler.
They have not improved themselves since: in the recent period, Pew has funded the American Enterprise Institute and the Heritage Foundation. In 1985, Pew funded the start-up of the British-American Project for the Successor Generation (later called simply the British-American Project) for the purpose of subordinating American intelligence and foreign-policy specialists to the British. A large number of Tony Blair's first cabinet members came from the BAP.
The ostensible purpose of the "Systemic Risk Council" is to improve banking regulations and avert "another financial crisis." Its real purpose is to crush the movement for Glass-Steagall, but it would be quite useless for that purpose without the protective camouflage of some of the good names Pew has hired on for the effort, many of whom have supported Glass-Steagall or otherwise played some positive role in the recent period. These include its chair, former FDIC chair Sheila Bair, former CFTC chair Brooksley Born, Simon Johnson of MIT, and even former Citicorp and Citibank chairman John Reed, who fought successfully to kill Glass-Steagall in 1999, but has more recently repented of his error and called for bringing it back.