Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, Mo., said financial institutions, regardless of their size, should be allowed to fail if necessary. "As we look at reform and the way forward, I think the most important thing we need to do is to make, first of all, an accurate assessment of fundamental weaknesses in our financial system and then begin to create better foundations," he said. Hoenig also said "significant weaknesses" continue to plague the economy.

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