The Senate Banking, Housing and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection held a hearing on limiting federal support for financial institutions.
Former Fed. Chair Paul Volcker testified, along with Thomas Hoenig of the Federal Deposit Insurance Corporation (FDIC), on how much federal support is wise for financial institutions in light of the recent economic downturn and federal intervention in banks deemed too big to fail.
A second panel included Tom Frost, chairman emeritus of Frost National Bank in San Antonio, Texas, and Wallace Turbeville, senior fellow at Demos, a research organization.