Hoenig on the strength of the Federal Reserve

In the speech 'Twelve Banks: The strength of the Federal Reserve' given on 15 September Thomas Hoenig of the Federal Reserve Bank of Kansas City said it was legitimate to question the U.S. central bank's decentralized structure, but he argued the system would stand up to the closest of scrutiny.

"While some might occasionally suggest a reduction in the number of banks is in order, the Federal Reserve believes in its own future as a 12-bank system," he told an audience of bankers.

Hoenig said the

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