Fed's Lacker again urges more U.S. work on too-big-to-fail banks
NEW YORK May 9 (Reuters) - A top U.S. Federal Reserve policymaker on Thursday reiterated his lingering concerns over too-big-to-fail banks and again urged that more be done to ensure such large firms can be safely wound down if they get into trouble.
Richmond Fed President Jeffrey Lacker, in remarks similar to those he made last month, said the so-called "living wills" program will need more "hard work and detailed analysis" so that bankruptcies can take place without the U.S. government stepping in to bail out banks as it did in the 2008 financial crisis.
"I see no other way to reliably identify exactly what changes are needed in the structure and operations of financial institutions to end 'too-big-to-fail,'" Lacker told a meeting of the Council on Foreign Relations.
- U.S. Mega Millions lottery up to $400 million, 2nd-biggest ever
- Pope Francis named Time's Person of the Year |
- Uruguay becomes first country to legalize marijuana trade
- Thousands of South Africans line up to see Mandela lie in state |
- China bitcoin arbitrage ends as traders work around capital controls