Hoenig: Glass Steagall II “Absolutely Necessary”

 

*HOENIG SAYS RISKIER ACTIVITIES SHOULD BE OUTSIDE `SAFETY NET’
*HOENIG: SPLITTING BANKS WILL ‘REINVIGORATE’ INVESTMENT FIRMS
*FDIC’S HOENIG SAYS GLASS-STEAGALL II `IS ABSOLUTELY NECESSARY’

 

 

Federal Deposit Insurance Corp board member Thomas Hoenig said today in a Bloomberg Radio that  a revival of the Glass-Steagall Act is “absolutely necessary” to protect the U.S. financial system.

Hoenig added that we must take that steps to remove government safety nets from the banks’ riskiest investment behavior and “reinvigorate” the U.S. investment banking industry.

“If we don’t make these changes, I think we’re destined to repeat the mistakes of the past “.

 

 

Source:
Glass-Steagall Revival Would Bolster Banks, FDIC’s Hoenig Says
Jesse Hamilton and Kathleen Hays
Bloomberg, June 26 20102
http://www.bloomberg.com/news/2012-06-26/glass-steagall-revival-would-bolster-banks-fdic-s-hoenig-says.html

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