Kansas City Federal Reserve President Thomas M. Hoenig has been a voice in the wilderness for some time. Mr. Hoenig was the only dissenter of the policy action at the January meeting of the Federal Open Market Committee because he believes that economic and financial conditions no longer warrant the Federal Reserve’s commitment to keep the federal funds rate at “exceptionally low” levels for an extended period of time. Last year, Mr. Hoenig gave a speech outlining alternatives to the “too big to fail” doctrine that has become conventional wisdom in Washington. Read this article for Mr. Hoenig’s current views and a link to a recent speech.
Kansas City Fed President Hoenig: Act Now to Address Fiscal Situation
