WASHINGTON, D.C. – U.S. Senator Jerry Moran (R-Kan.) issued the following opening statement today in support of Tom Hoenig to become the Vice Chairman of the Federal Deposit Insurance Corporation (FDIC) at the Senate Banking, Housing and Urban Affairs Committee nomination hearing:
"Tom Hoenig has been a friend and advisor for several years now and I believe his decades of experience in bank supervision and economic analysis are exactly what the FDIC Board needs at this critical moment. Should he be confirmed – as I expect he will – Tom Hoenig will be charged with assisting in the implementation of some of the most significant provisions of the Dodd-Frank Act.
"The FDIC Board has a role in addressing many of the thorniest issues arising from the Dodd-Frank Act. How do you restrict a bank from becoming so significant that its disorderly failure could take down our whole economy? How should policymakers wind down a large financial institution without exposing taxpayers to losses? What are the benefits to rural America of our unique banking system with thousands of institutions? Tom has spent his career trying to develop answers to these questions, and while his positions have not always been popular, it would be hard to challenge his intellectual integrity and breadth of experience.
“Recently I received a letter from Michael Haverty of Kansas City supporting the President’s nomination of Tom Hoenig to be Vice Chairman of the FDIC. Mr. Haverty praises Tom for ‘being honest, open, and dedicated to doing the right thing even when it is difficult.’ I could not agree more and hope my colleagues will promptly confirm him and allow the FDIC to carry on their important work."