Dubbed the "speech of the week
" by the Wall Street Journal's editorial page, Tom Hoenig surprised his audience by urging regulators to scrap Basel III. The FDIC board member and former Kansas City Fed Chief said Basel III was too complex to work and warned that big banks will be able to "game the system."
Why You Should Care: Hoenig has a vote on Basel III and could be FDIC chairman if Mitt Romney wins the presidency. This speech may end up being a game-changer.
Related Article: Basel III Should Be Scrapped, Hoenig Says(Image: Ed Violette)