Fed's Hoenig pans US crisis approach

Thomas Hoenig, the president of the Kansas City Federal Reserve, has criticised several aspects of the United States's crisis response.

In an article written for the Financial Times, a newspaper, proposing a new resolution regime for large institutions, Hoenig noted several faults with the United States's approach.

The government had, he said, poured billions of dollars into firms deemed too big to fail without a defined resolution process, which he suspected would add to the national debt. "