Thomas Hoenig, president of the Federal Reserve Bank of Kansas City, said the perception that major financial institutions are "too big to fail" needs to change. He called for the country to lead an effort to overhaul financial regulation. The banking industry warned against changes that would make it more expensive to do business domestically, giving foreign financial institutions an advantage. Hoenig, however, said financial reform could actually strengthen domestic banks.

Full Story:

Related Summaries