House Financial Services Convenes Today on Too Big to Fail
The U.S. House of Representatives’ Financial Services Committee will convene at 10 a.m. this morning to hear new warnings about the growing dangers posed by the too big to fail Wall Street banks.
On deck to testify are: Thomas Hoenig, Vice Chairman of the Federal Deposit Insurance Corporation (FDIC); Richard W. Fisher, President of the Federal Reserve Bank of Dallas; Jeffrey Lacker, President of the Federal Reserve Bank of Richmond; and Sheila Bair, former Chair of the FDIC, now with the Pew Charitable Trust. (Bair wrote the quintessential insider’s account of the 2008 crash, Bull by the Horns.)
Tragically, these individuals spent hours writing their testimony with the full knowledge that it will far on the deaf ears of a Congress that is incapable of seeing a train wreck coming down the tracks until the mangled cars lie scattered over the landscape.
Here’s a look at some interesting milestones leading up to this hearing:
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