WASHINGTON — With the regulatory reform debate taking a leap forward this week, Thomas Hoenig, the president and chief executive of the Federal Reserve Bank of Kansas City, is advocating a more clear-cut world for financial services and those who supervise it.

"If I were heading regulatory reform, it would be under rules that are simple, understandable and enforceable," he said in an interview last week. "I don't like to think of it as going back to the good old days. I think of it as going back to prudence."

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