The re-establishment and proper enforcement of rules that have proven effective over time will do more to enhance regulation than a major revamp of the regulatory code, said Thomas Hoenig, the president of the Kansas City Federal Reserve.

Hoenig said that efforts to fix oversight should first determine which rules of conduct should be reintroduced and better enforced. He also said that one of the most fundamental changes that must be accomplished was the end of too-big-to-fail and that he