WASHINGTON ? President Barack Obama is nominating a longtime Federal Reserve official and critic of big banks to be the No. 2 official at the Federal Deposit Insurance Corp.
The White House announced that Thomas Hoenig, who stepped down as president of the Federal Reserve Bank of Kansas City in October, is the president's choice to be vice chairman at the FDIC. His nomination must be confirmed by the Senate.
Hoenig was the most vocal critic of the Fed's $600 billion bond buying program, which ended in June. He also opposed keeping the Fed's key short-term interest rate near zero. Hoenig said such policies risked higher inflation at a later time.
Hoenig has also publicly criticized big banks, saying they pose a danger to the financial system.
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