Magazine article American Banker

Banks Seen as Fed Policy Conduits; Incoming Kansas City Head Urges Focus on Their Role

Magazine article American Banker

Banks Seen as Fed Policy Conduits; Incoming Kansas City Head Urges Focus on Their Role

Article excerpt

Banks Seen as Fed Policy Conduits

Incoming Kansas City Head Urges Focus on Their Role

Thomas Hoenig, president-designate of the Federal Reserve Bank of Kansas City, wants to see the Fed focus more closely on the role of banks in carrying out central-bank policies.

Mr. Hoenig's interest in banks and how they may be affected by Fed policies comes from his backgound in supervision, an unusual career path for a Federal Reserve Bank president.

Currently senior vice president in charge of bank supervision for the Fed's 10th district, Mr. Hoenig will succeed Roger Guffy as president on Oct. 1 and becomes a voting member of the Federal Open Market Committee in January.

Speaks of New Focus

"I hope to bring to the region and to the Fed system the importance of institutions to policy issues," Mr. Hoenig said in an interview during a recent conference in Wyoming sponsored by the Kansas City bank.

Mr. Hoenig, 44, is a native of Fort Madison, Iowa. He received a master's and a doctorate in economics from Iowa State University and served a year in Vietnam before joining the Kansas City Fed in 1973 as an economist in the banking supervision area.

The seven states supervised by the Kansas City Fed have about 1,250 bank holding companies and 130 state-chartered banks that are members of the Fed system.

The district "hit a wall in the 1980s," said Mr. Hoenig, as agriculture, energy, and real estate went into a tailspin. …

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