Fed right choice for stability role: KC's Hoenig

The Federal Reserve must fill the role of financial-stability regulator, said Thomas Hoenig, the president of the Kansas City Fed.

Hoenig said that there was a need for a financial stability regulator and that the Fed by design had that responsibility. He also said that instead of rewriting the rule book it should first enforced what it was already responsible for? and "do it in a fair and evenhanded manner that is not influenced by circumstances we decided are special."

He also said that the

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