Brown Lloyd James today launched former Federal Reserve Board chairman Paul Volcker’s "good government group" to combat his frustration with the "impotence" of federal regulatory agencies.

Volcker AllianceThe Volcker Alliance aims to focus on improvement of the "nuts and bolts" of implementing policy at the federal, state and local levels.

The 85-year Volcker, who once chaired investment banker Wolfensohn & Co. held a key post at Chase Manhattan, points to the drawn-out effort to put Dodd-Frank legislation into effect among reasons for the need of his group.

He will kick in a portion of the $5M start-up budget and hit his many contacts for contributions.

Shelley Metzenbaum, who was associate director for performance and personnel management at the White House Office of Management and Budget, is president of VA.

Board members include former Senator Bill Bradley, Sheila Barr (ex-chair of the Federal Deposit Insurance Corp. ), Bill Donaldson (co-founder of Donaldson Lufkin & Jenrette) and Alice Rivkin (ex-director of the OMB) are directors.

BLJ’s Marc Smrikarov is working the VA business.

Michelle Scott, a spokesperson at Peter Brown’s firm, told O'Dwyer's VA is handled on a pro bono basis.