In October, Thomas Hoenig retires after working twenty years for the Federal Reserve Bank. Crosby Kemper III sits down with Hoenig in an on location, special edition of The Local Show to get a unique perspective on the banking industry and the current economic struggles.
Thomas M. Hoenig is president and chief executive officer of the Federal Reserve Bank of Kansas City and the senior member of the Federal Reserve System’s Federal Open Market Committee, the key body with authority over national monetary policy in the United States.
Mr. Hoenig directs Federal Reserve activities in the Tenth Federal Reserve District — an area that spans a large portion of the central United States including: Colorado, Kansas, Nebraska, Oklahoma, Wyoming, the northern half of New Mexico, and the western third of Missouri. The Bank is one of 12 regional banks in the Federal Reserve System. In addition to its participation in setting national monetary policy, the Bank is also responsible for supervising and regulating numerous commercial banks and bank holding companies, serving as the bank for the U.S. government and for commercial banks, and providing other payments services to depository institutions.
Mr. Hoenig received his doctorate in economics from Iowa State University. He joined the Federal Reserve Bank in 1973 as an economist and was a senior officer in banking supervision during the U.S. banking crisis of the 1980s. He assumed the role of president on October 1, 1991. He currently serves as chairman of the Federal Reserve Conference of Presidents – Committee on Regulation, Bank Supervision and Legislation. Mr. Hoenig has been especially outspoken about the regulation of the financial industry and the role of monetary policy during the recent crisis.
Mr. Hoenig is host to the Federal Reserve Bank of Kansas City’s economic policy symposium held annually in Jackson Hole, Wyo. The Jackson Hole economic symposium is attended by central bankers from around the world who join leading economists to discuss important issues facing policymakers.
He is a native of Fort Madison, Iowa, and resides in Kansas City, Mo.