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It's Official: The Famous Fed Hawk, Thomas Hoenig, Is Vice Chairman Of FDIC

Sunday, December 2, 2012 - 9:22 AM
From the FDIC press release
Martin J. Gruenberg and Thomas M. Hoenig were officially designated this week by the President as the Chairman and Vice Chairman of the FDIC. On November 15, 2012, the Senate confirmed both for their respective positions. President Obama recently signed the orders making the confirmations official. Both were confirmed by the Senate for six-year terms as Members of the FDIC Board of Directors on March 29, 2012.
Mr. Hoenig was with the Federal Reserve for 38 years, beginning as an economist and then as a senior officer in banking supervision during the U.S. banking crisis of the 1980s. In 1986, he led the Kansas City Federal Reserve Bank's Division of Bank Supervision and Structure, directing the oversight of more than 1,000 banks and bank holding companies with assets ranging from less than $100 million to $20 billion. He became President of the Kansas City Federal Reserve Bank on October 1, 1991.

Mr. Hoenig joined the Federal Reserve Bank in 1973. A native of Fort Madison, Iowa, Mr. Hoenig received a doctorate in economics from Iowa State University.

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When Thomas Hoenig was a voting member on the FOMC in 2010, he was the only one who voted against the Fed's zero interest rate policy at every meeting. In the FDIC press release, it's nice to see his biography and his economic experience. It shows that not all economists think like Chairman Bernanke.

Unfortunately, Hoenig probably won't have any influence on monetary policy with this FDIC position.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,600
1. Sunday, December 2, 2012 - 11:16 PM
Hopefully, unlike Sheila Bair, he will not encourage the big mega banks to acquire their smaller struggling brethren and will not enforce the standardization of very low deposit rates at these institutions.
loulou552 posts since
Aug 3, 2010
Rep Points: 3,431