Return to Glass-Steagall essential: Kansas City Fed’s Hoenig

Kansas City Federal Reserve president Thomas Hoenig says reform only scratches the surface without basic separation of investment, commercial banking activity for biggest banks

Thomas Hoenig

Thomas Hoenig, the president of the Kansas City Federal Reserve, on Wednesday called for a Glass-Steagall-style separation between commercial and investment banking activity for the biggest banks, saying it was essential for a more stable financial system.

The sweeping Dodd-Frank regulatory reform was well-intentioned, financial institutions considered too big to fail continue to pose a great threat to the system. "The incentives for risk-taking have not changed post-crisis and the regulatory

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