Thomas M. Hoenig

Hoenig was born in Fort Madison, Iowa, where his father owned a plumbing business. He was raised Catholic and attended Catholic schools.{{cite web |url=http://www.businessweek.com/magazine/content/10_40/b4197074540076_page_2.htm |title=Thomas Hoenig Is Fed Up |publisher=BusinessWeek |date=2010-09-23 |accessdate=2011-11-16 |url-status=dead |archiveurl=https://web.archive.org/web/20111201090047/http://www.businessweek.com/magazine/content/10_40/b4197074540076_page_2.htm |archivedate=2011-12-01 }}http://seekingalpha.com/news-article/461874-hoenig-on-being-the-fed-s-lone-dissenter-i-hope-i-m-wrong {{dead link|date=November 2011}} Hoenig earned a B.A. in economics and mathematics from St. Benedict's College (now Benedictine College), Atchison, Kansas, and M.A. and Ph.D. degrees in economics from Iowa State University.{{cite web|url=http://www.federalreserve.gov/aboutthefed/bios/banks/pres10.htm |title=FRB: Reserve Bank Presidents - Kansas City |publisher=Federalreserve.gov |date= |accessdate=2011-11-16}}

Hoenig joined the Federal Reserve Bank of Kansas City in 1973 as an economist in the banking supervision area. He was named a vice president in 1981 and senior vice president in 1986.

According to Fed salary figures released for 2010, Hoenig earned $374,400 per year, in the mid-range for the twelve regional bank chairs and considerably more than Fed chair Ben Bernanke ($199,700), whose pay is limited by law.{{Citation |first=Sudeep |last=Reddy |title=Local Fed Chiefs Outearn Bernanke |newspaper=Wall Street Journal |url=https://www.wsj.com/articles/SB10001424052748704792104575264743761543102 |date=May 25, 2010 }}

He has served as an instructor of economics at the University of Missouri-Kansas City and lectured on the U.S. banking and regulatory system for the People's Bank of China. Dr. Hoenig is a member of the Board of Trustees of the Ewing Marion Kauffman Foundation and serves on the boards of directors of Midwest Research Institute and Union Station.

On March 25, 2011, Hoenig announced his intent to retire on October 1, 2011, as required under the Federal Reserve Board's mandatory retirement rules for Federal Reserve Bank Presidents. The retirement marks 20 years as president for Hoenig whose first day as Bank president was October 1, 1991, and 38 years of total service to the Federal Reserve.http://www.kansascityfed.com/publicat/newsroom/2011pdf/press-release-retirement-3-25-11.pdf {{Webarchive|url=https://web.archive.org/web/20120321193542/http://www.kansascityfed.com/publicat/newsroom/2011pdf/press-release-retirement-3-25-11.pdf |date=2012-03-21 }} {{Bare URL PDF|date=March 2022}} On April 16, 2012, Hoenig was sworn in as vice chairman and member of the board of directors of the Federal Deposit Insurance Corporation. On April 27, 2018, Hoenig announced that he was stepping down from his role effective April 30, 2018.{{Cite web|url=https://www.mondaq.com/unitedstates/industry-updates-analysis/699716/thomas-m-hoenig-steps-down-as-us-federal-deposit-insurance-corporation-vice-chairman|title=Thomas M. Hoenig Steps Down as US Federal Deposit Insurance Corporation Vice Chairman - Strategy - United States}} On May 13, 2019, he joined the Mercatus Center as a Distinguished Senior Fellow.{{Cite web |url=https://www.mercatus.org/features/former-fdic-vice-chairman-kc-fed-president-hoenig-joins-mercatus |title=Former FDIC Vice Chairman, KC Fed President Hoenig Joins Mercatus | Mercatus Center |access-date=2022-01-07 |archive-date=2022-01-07 |archive-url=https://web.archive.org/web/20220107232221/https://www.mercatus.org/features/former-fdic-vice-chairman-kc-fed-president-hoenig-joins-mercatus |url-status=dead }}

On March 6, 2009, Hoenig presented a widely noted speech entitled 'Too Big Has Failed' critical of the approach taken to the capitalization and liquidity crises and suggesting alternate approaches.{{cite news|last=Felsenthal |first=Mark |url=https://www.reuters.com/article/businessNews/idUSTRE5254VF20090306 |title=Reuters |publisher=Reuters |date= March 6, 2009|accessdate=2011-11-16}}{{cite web |url=http://www.kc.frb.org/speechbio/hoenigPDF/Omaha.03.06.09.pdf |title=Too Big Has Failed |accessdate=2011-11-16 |url-status=dead |archiveurl=https://web.archive.org/web/20111118000017/http://www.kc.frb.org/speechbio/hoenigPDF/Omaha.03.06.09.pdf |archivedate=2011-11-18 }}

Again on August 13, 2010, in a speech in Lincoln, Nebraska, Hoenig criticized the then current Federal Reserve action of a zero policy rate calling it "...a dangerous gamble." He also stated, "There may be ways to accelerate GDP growth, but, in my view, highly expansionary monetary policy is not a good option."{{cite web|url=http://www.marketwatch.com/story/hoenig-calls-fed-policy-dangerous-gamble-2010-08-13 |title=Marketwatch |publisher=Marketwatch |date= 13 August 2010|accessdate=2011-11-16}}

{{reflist}}

• [https://www.fdic.gov/about/learn/board/hoenig/bio.html FDIC biography]
• [https://web.archive.org/web/20110418011128/http://www.kc.frb.org/speechbio/hoenig.cfm Kansas City Fed biography]
• [http://www.federalreserve.gov/bios/pres10.htm Federal Reserve biography]
• [https://web.archive.org/web/20111118000017/http://www.kc.frb.org/speechbio/hoenigPDF/Omaha.03.06.09.pdf Too Big Has Failed]
• [http://www.kc.frb.org/home/subwebnav.cfm?level=3&theID=11083&SubWeb=6 Speeches by President Thomas M. Hoenig]{{Dead link|date=June 2018 |bot=InternetArchiveBot |fix-attempted=no }}
• {{C-SPAN|28195}}

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{{s-bef|before=J. Roger Guffey}}

{{s-ttl|title=President of the Federal Reserve Bank of Kansas City|years=1991–2011}}

{{s-aft|after=Esther George}}

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Category:1946 births

Category:21st-century American economists

Category:Federal Reserve Bank of Kansas City presidents

Category:Federal Reserve economists

Category:Living people

Category:People from Fort Madison, Iowa

Category:Obama administration personnel

Category:First Trump administration personnel