ROSE: So does this mean we should restore Glass-Steagall?
VOLCKER: No. That's a false statement people make about my position. Glass-Steagall basically said banks cannot underwrite corporate securities or deal with corporate securities. But I would let commercial banks do underwriting of corporate customers. So you could argue that what I propose is somewhat in the spirit of Glass-Steagall in making a distinction between capital-market activities and trading activities and banking activities. But it is not specifically going back to Glass-Steagall.
ROSE: Do you think that Congress will see it your way?
VOLCKER: Eventually, yes. They need a little more persuasion.