President Obama Nominates Thomas Hoenig, Big Bank Critic, To FDIC Board Of Directors

[bigtree]

President Barack Obama on Thursday nominated a prominent critic of large banks for a key banking industry regulatory post.

The White House said Obama tapped former Kansas City Federal Reserve Bank President Thomas Hoenig to be vice chairman of the board of directors of the Federal Deposit Insurance Corporation, a regulator that insures individual bank accounts up to $250,000.

Hoenig has been a critic of large banks, arguing they still pose a threat to the financial system and that the 2010 Dodd-Frank financial oversight law did not do enough to address the issue.

"We must make sure that large financial organizations are not in position to hold the U.S. economy hostage," Hoenig told a meeting of the Women in Housing and Finance in February. "We must break up the largest banks."


read: http://www.huffingtonpost.com/2011/10/21/thomas-hoenig-fdic-board-of-directors_n_1023655.html

[KittyWampus]

1. Too big to fail means too big to exist in a Democracy

[lonestarnot]

2. K & R!

[sinkingfeeling]

3. Probably doesn't matter. The Republicans will kill the nomination by not voting on it.

[LynneSin]

4. Nice on paper but that will never fly. Hopefully he'll make a recess appointment

GOP will block it.

[galileoreloaded]

5. Brillant Kabuki! Bravo!

Take your most vocal monetary populist out of a real position of influence on how things are run, and give him a job at an insurance agency watching electronic zeros bounce around. It'd be like giving E. Warren a job regulating milk subsidies in Antarctica.

This is starting to read like good fiction.....

Panglossian Disorder: “The neurotic tendency toward extreme optimism in the face of likely cultural and planetary collapse.”

[bigtree]

7. he was retired from the KC Fed

so, . . .

[Javaman]

6. Interesting...

I wonder if this move is a way around little timmy?

since it seems Obama is at pains to fire geithner, maybe he's trying to, instead of firing him, make him ineffective?

never the less, on the surface this appears like a good move.

[WillyT]

8. GOOD !!! - K & R !!!

:kick: