Fed's Fisher repeats call to break up big banks
NEW YORK (Reuters) - The financial system is "rigged" to benefit big banks, Dallas Federal Reserve Bank President Richard Fisher said on Wednesday, repeating his belief that the five largest U.S. banks should be broken up to protect the economy from another crisis.
Fisher, speaking at the Harvard Club of New York City, said big banks should not have a funding advantage over smaller, regional banks. He pointed, for example, to the interest that the Fed pays large banks for leaving their excess reserves at the U.S. central bank.
(Reporting by Jonathan Spicer; Editing by Leslie Adler)
- Missing jet may have strayed toward Andaman Sea: Malaysian air force |
- NYC buildings explosion kills two, more missing
- Malaysia military source says missing jet veered to west |
- EU moves towards travel bans, asset freezes for Russians |
- Exclusive: EU approves framework for asset freezes, travel bans on Russia