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November 18, 2011

Banks' Critic Poised to Be Head of FDIC

Until his retirement last month, Thomas Hoenig was a consistent thorn in Ben Bernanke’s side, voting against the Federal Reserve chairman’s easy-money policies at each of the central bank’s eight policy-making meetings in 2010.

Now, Mr. Hoenig, the former Kansas City Fed president, is likely to become a thorn for the nation’s biggest banks.

In a rare display of bipartisanship, the Senate appears likely to easily confirm Mr. Hoenig to a six-year term as the vice chairman of the Federal Deposit Insurance Corp., an agency that gained significant powers over the nation’s biggest banks under last year’s Dodd-Frank financial overhaul. Mr. Hoenig breezed through his confirmation hearing Thursday, lauded by senators from both parties.

Read the full story here.

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