Paul Volcker a favourite for new accounting board

US - Paul Volcker, the former chairman of the Federal Reserve, has emerged as one of the front-runners to lead the new accounting oversight board created by the recently passed corporate reform bill, a government source confirmed with CNN on Friday.

However, Volcker, who served as Fed chairman from 1979 to 1987 and will turn 75 in two weeks, is hesitant to take the accounting oversight board position for personal reasons and concerns that it may cut into his other professional obligations, th