Former FHLB Prez: Fed Should Be Broken Up

It's too big, with over $3.3 trillion in assets, it's too leveraged at 60 to 1, it's extremely short-funded and it's "a frequent contributor through its interest rate and money-printing action of gigantic systemic risk."

"Therefore, it follows pretty clearly from the same logic that we should break up the Fed," said Pollock... [who] noted that when Congress was setting the foundation for the modern Federal Reserve in 1913, lawmakers "thought they were creating a 'federal' structure of 12 regional 'reserve banks,' not a monolithic central bank."