In a blunt assessment of what went wrong and what is not being done about it, Kansas City Federal Reserve Bank president Thomas Hoenig Tuesday night blamed a lot of the financial crisis on the Gramm-Leach-Bliley legislation that allowed an “astonishing” concentration of banking power, and he repeated his view that the Obama administration’s reform plan is on the wrong track.

On monetary policy, Hoenig — who is not a Federal Open Markets Committee voter this year — said the Fed will have to tighten sooner rather than later but didn’t define how soon or too late. On the economy, the debt overhang and a still-faltering banking system are slowing down the recovery, according to Hoenig. He added that he does not see a threat of a double-dip recession.

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