Thomas Hoenig: ending swaps push-out was a mistake

"I want to see more capital held against these activities," says FDIC vice-chair


Roman historian Tacitus observed in 98AD that success has many fathers, but failure is an orphan – a truism that could have been dusted off late last year at the death of the Dodd-Frank Act's swaps push-out rule, as former supporters belatedly switched sides.

Thomas Hoenig, vice-chairman of the Federal Deposit Insurance Corporation (FDIC), stuck to his guns – and is still doing so today.

The push-out, which comprises section 716 of the act, would have forced banks to move over-the-counter

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