Thomas Hoenig¸ president of the Federal Reserve Bank of Kansas City, says he favors limiting banks’ business to loans and deposits to avoid a repeat of the financial crisis and the federal bailouts that followed. Hoenig, who retires Oct. 1, has long supported breaking up large financial institutions and has called for banking regulations that are stricter than those backed by banking regulators, including Ben Bernanke, the chairman of the Federal Reserve.
