Kansas City Fed’s Hoenig Wants Aid For Manufacturers Over Banks

Maya Jackson Randall (Automated Trader)
June 28, 2011
―Federal Reserve Bank of Kansas City President Thomas Hoenig, along with other panel members at a conference Tuesday, argued that U.S. policies have tended to boost Wall Street at the expense of the nation’s manufacturing industry. They said policymakers need to rebalance the U.S. economy by strongly enforcing key pieces of the Dodd-Frank financial overhaul, such as trading restrictions and capital rules, while also instituting new policies that could help manufacturing flourish. The panelists also agreed that financial policies have enabled certain banks to grow into behemoths that put the economy at risk and they voiced skepticism that the Dodd-Frank Act would be enough to put the economy on the right path. “I would rather subsidize the manufacturing sector,” Hoenig said at a conference in Washington sponsored by Americans For Financial Reform, Public Citizen. Click here for more.