From the New York Times;

While both banks and nonbanks practice proprietary trading, only banks have a safety net in the United States. Both, however, would be subject to a resolution authority, an institution that would unwind them in case of collapse, if that idea is enacted as law.

” Nonbanks by and large are not regulated as tightly as banks,” Mr. Volcker said. But ” if they got into trouble, the theory is that they will not be rescued, but they will have an orderly demise.”

Just make this guy the Treasury Secretary.