Mr. Williams, the spiritual leader of the Anglican church, called for increased regulation of financial markets, praising regulators' moves to curb short-selling in the wake of the collapse of Lehman Brothers and sharp declines in the share prices of other financial institutions.
Republican Richard Baker and others asked for increased regulation and oversight, giving credence to the regulators conclusions, but no action was ever taken.
In the wake of its bankruptcy filing, the predictable cries for increased regulation have filled the air.
In 2012, the year before he died, he co-wrote, with Mayor Michael Bloomberg, of New York, an op-ed for the Washington Post, arguing for increased regulation of fracking.
On Thursday, advocates for the Volcker rule used the UBS trading loss to highlight the need for increased regulation.
Advocates for increased regulation have long argued that cost-benefit analysis understates both the value of life and the benefits of government oversight.
The violations increased suspicion that the Chinese toy industry, which supplied 80% of the toys sold in the U.S., was not adequately enforcing safety standards and prompted calls in the U.S., Canada, and other countries for increased regulation.
The Fed also is pushing for increased regulation of other kinds of financial companies, like money market mutual funds, and to improve the stability of trading in areas like the vast marketplace for derivatives.
"The O.C.C. is acting as if there was never a financial crisis," said Dennis Kelleher, president of Better Markets, a nonprofit group that advocates for increased regulation of the financial industry.
Cable, who has won widespread respect for his early warnings about the global economic crisis and his calls for increased regulation of the financial system and reform of parliament, was clearly a crowd favourite with more than 1,000 people coming to hear him talk about his book, The Storm: the World Economic Crisis and What it Means.
