A seminar on the Dodd-Frank Act took a testy turn when John Allison, the former chairman and chief executive of BB&T, made an ardent pitch to abolish the Federal Reserve.

"The real cause of the financial crisis was a combination of errors," primarily related to the Fed, said Allison, who earlier this year became the president and chief executive of the Cato Institute. He then pushed to end the Fed or at least rein it in. "We're printing money willy-nilly all over the place."

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