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After 38 years with the Fed, Tom Hoenig is convinced less complexity is the key to taming systemic risk.
September 14 -
The president of the Kansas City Fed sat down with American Banker to talk about a range of topics, including the missed opportunity to eliminate 'too big to fail' in Dodd-Frank.
June 6
The Federal Reserve Bank of Kansas City named Esther George, its No. 2 official, as president to succeed Thomas Hoenig, the U.S. central bank's longest-serving policy maker, who is retiring.
George, 53, who has spent much of her career in bank supervision, has served as first vice president since 2009 and joined the bank in 1982, the Kansas City Fed said in a statement today. Hoenig, 65, who dissented from all Fed monetary-policy decisions in 2010, departs Oct. 1 under the retirement-age policy for regional Fed presidents.
George, who will vote on monetary policy in 2013, joins an unusually divided Fed policy-making group contending with unemployment at 9.1 percent and rising inflation. Three Fed presidents, representing the Dallas, Philadelphia and Minneapolis districts, dissented from the Aug. 9 commitment to keep the target interest rate near zero until mid-2013. That was the most "no" votes since 1992.
From 2001 to 2009, George was senior vice president in charge of the Division of Supervision and Risk Management, overseeing regulation of the Kansas City Fed district's 170 state-chartered member banks and almost 1,000 bank and financial holding companies, the statement said. She worked in Washington in 2009 as acting director of bank supervision for the entire Fed system.
