Fed’s Hoenig says Sifis are at odds with values of capitalism
Thomas Hoenig, the president of the Kansas City Federal Reserve, on Monday said systemically important financial institutions (Sifis) are fundamentally inconsistent with capitalism.
At a Pew Financial Reform Project and New York University Stern School of Business event in Washington DC, Hoenig said: "The financial system has become far less competitive and far more volatile with the onset of systemically important institutions. Though large firms remain a critical part of our economic system in
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