Hoenig says taxpayers must be protected from big banks

04/18/2013 | Reuters

Tom Hoenig, vice chairman of the Federal Deposit Insurance Corp., says that implementing the Volcker rule would not go far enough in protecting taxpayers from risks taken by banks. Activities such as trading and derivatives creation should be hived off from commercial banks, Hoenig says. "A safety net only for commercial banking activities provides stability to critical financial infrastructure," he said.

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