Hoenig Says Big Banks Must Either Add $210 Billion In New Capital Or Reduce Total Assets By $3 Trillion; Bank Capital Raises Imminent

"In a speech before the US Chamber of Commerce, Kansas Fed's outspoken President Thomas Hoenig said that not only does he endorse the Volcker Rule and urges the U.S. to ban proprietary trading at banks, but, more critically, said that if larger bank holding companies were held under the same capital supervision requirements as smaller regional banks, the big banks would either have to raise a whopping $210 billion in new capital, or reduce their assets by a whopping $3 trillion!"