Obama nominates big bank critic to FDIC board

Does this mean someone is starting to listen? It’s been obvious that we went from “too big to fail” to even bigger, but few in the political class showed any interest in changing the dynamics of a troubled industry. Unless we want a 2008 repeat, or worse, the it’s not possible for the banks to stay as they are today.  This nomination is a good step in the right direction (now let’s see if he survives the GOP Senate’s permanent filibuster on everything).

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.”

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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