Richard W. Fisher is the president and CEO of the Federal Reserve Bank of Dallas. In this role, Fisher serves as a member of the Federal Open Market Committee, the Federal Reserves principal monetary policymaking group. He is a former vice chairman of Kissinger McLarty Associates, a strategic advisory firm chaired by former Secretary of State Henry Kissinger. Fisher began his career at the private bank of Brown Brothers Harriman & Co., and later became assistant to the Secretary of the Treasury during the Carter administration, working on issues related to the dollar crisis of 1978-79. He returned to Brown Brothers to found their Texas operations in Dallas, and, in 1987, created Fisher Capital Management and a separate funds-management firm, Fisher Ewing Partners. From 1997 to 2001, Fisher was the deputy U.S. trade representative with the rank of ambassador.
More About Richard Fisher
We advocate using as little government intervention and statutory modification as possible to restructure the largest institutions to a size that is effectively disciplined by both market and regulatory forces.
'I wish to speak to a different kind of repressionthe injustice of being held hostage to large financial institutions considered too big to fail, or TBTF for short.'
Fisher discusses concerns for the longer-term outlook for the economy and the separate but related problem of the concentration of financial power in the hands of too few institutions.
The solution for ending too big to fail is not bigger government but smaller, unsubsidized banking institutions governed by the market discipline of creditors at risk of loss.
Federal Reserve Bank of Dallas President Richard Fisher answers questions that have arisen about the Dallas Feds proposal on ending too big to fail.