Paul Volcker, the former U.S. Federal Reserve Board chairman who’s now a key economic advisor to the White House, told U.S. lawmakers they ought to learn from Canada’s banking system as they seek to overhaul rules governing the biggest U.S. banks. Volcker said that With just five or six banks dominating the industry, Canada’s banks benefit from having less competition. He added that Canada’s banking system also has been shielded by the fact that it has less government interference in its mortgage market.
Read more : White House economic adviser praises Canada’s banking system