April 19, 2017 / 2:19 PM / 2 years ago

FDIC's Hoenig warns against scrapping a U.S. bankruptcy reform

ANNANDALE-ON-HUDSON, N.Y. (Reuters) - A top U.S. financial regulator on Wednesday warned against scrapping, as some American lawmakers urge, the “Title II” part of the 2010 Dodd-Frank legislation that created an alternative insolvency process for large firms, saying further reforms would be needed to protect the economy.

“I’d be very supportive of getting rid of Title II if I had confidence you could go through a bankruptcy, but I am not” confident, Tom Hoenig, vice-chair of the Federal Deposit Insurance Corporation, said at the Levy Economics Institute conference.

Reporting by Jonathan Spicer; Editing by Chizu Nomiyama

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