While overlooking fundamental problems in the economy, the government has thrown around money to fix the system but has not defined a consistent plan for recovery, Federal Reserve Bank of Kansas City president Thomas Hoenig said in a speech in Omaha late Friday.

“We have been slow to face up to the fundamental problems in our financial system and reluctant to take decisive action with respect to failing institutions,” Hoenig said, according to prepared text of the speech released by the Fed.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.