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Fed's Hoenig says significant weakness in US economy

Mon Nov 16, 2009 1:00am EST

ABU DHABI, Nov 16 (Reuters) - A U.S. Federal Reserve official said on Monday that the U.S. economy still needed to work through significant weaknesses.

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"We still have significant weaknesses to work through in the economy in the U.S.," Kansas City Fed President Thomas Hoenig said at a central bank event in Abu Dhabi, the capital of the United Arab Emirates.

Turning to regulatory issues, Hoenig said that all financial institutions needed to be allowed to fail, no matter their size or political influence and that a careful assessment of the global regulatory framework was needed.

(Reporting by Martin Dokoupil; writing by Thomas Atkins)

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