Richard Fisher, president of the Federal Reserve Bank of Dallas, lambasted efforts to deal with ‘too-big-to-fail' financial institutions, calling for the introduction of new taxes aimed at encouraging banks to reduce the size of their balance sheets.

The Dallas Fed chief said the Orderly Liquidation Authority, created under the provisions of the Dodd-Frank Act in the US, has only limited experience of dealing with the largest banks and that, while the US economy "appears to have avoided" a