The Global Banking Conference at Jackson Hole, Wyoming, last month proved a springboard for Federal Reserve chairman Ben Bernanke's reappointment. The real news was what wasn't on the menu: "too big to fail."

The topic is dear to the heart of conference host Thomas M. Hoenig, the 63-year-old president of the Kansas City, Missouri, Federal Reserve Bank and the longest-serving member of the Fed's policy-making Federal Open Market Committee.