Efforts to prevent another fiscal crisis seem to be more “rhetoric” than “substance and necessary reform,” Federal Reserve Bank of Kansas City president Thomas Hoenig said yesterday.

“As a nation, we have violated the central tenants of any successful system. We have seen the formation of a powerful group of financial firms. We have inadvertently granted them implied guarantees and favors, and we have suffered the consequences,” he told a U.S. Chamber of Commerce conference, according to prepared text of his remarks released by the Fed.

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