Saturday, October 22, 2011
I do not know to what party Dr. Thomas Hoenig belongs, but he has been great on the FOMC (the Federal Open Market Committee that determines monetary policy.) President Obama has nominated him to be the number two official at the Federal Deposit Insurance Corporation (FDIC) which guarantees bank deposits. The FDIC also is one of the agencies that examines banks for soundness.
Tom Hoenig has been a staunch critic of the "Too Big to Fail" syndrome in American bank supervision. He has been seemingly a Cassandra warning of the bubble in farmland prices. Hopefully his arms will not be chained when he raises them to prays for policies to address the problem.