Hoenig's New York Times Op-ed "Keep the Fed on Main Street"

Thomas Hoenig is the president of the Federal Reserve Bank of Kansas City and the only one on the FOMC who has voted against the policy statement of "exceptionally low levels of the federal funds rate for an extended period." He makes some good points in his NYT commentary on the financial reform proposals:

Unfortunately, the proposal for regulatory reform now before the Senate does not eliminate the concept of too-big-to-fail, and it deliberately narrows the central bank’s focus to Wall Street alone.