Former Fed Chairman Volcker Wants to Rebuild Public's Faith in Government

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Former Federal Reserve chairman Paul Volcker announced the creation of a new foundation Wednesday that aims to rebuild the American public's trust in government by focusing on how policy is implemented, what he calls "the nuts and bolts of government."

The Volcker Alliance will work with universities, business groups and public interest enterprises to sponsor research on government performance and make policy recommendations.

The goal is to restore confidence in government at the local, state and federal level. 

"Instead of complaining, let's do something about it," Volcker told an audience at the Economic Club of New York on Wednesday, where he was presented with an award for excellence in leadership .

The former Fed chairman said in a statement that his group is not targeting the Obama administration, but that the recent IRS scandal and other challenges the President has faced underscore the power that government policy can have on citizens' lives.