This excerpt originallty appeared in CNN Money on December 21, 2011.

New York University economics professor Lawrence J. White said he is worried the Fed's rules won't be tough enough to safeguard the U.S. financial system from future crises. Banks should be required to keep 10% of risk-weighted assets as capital as soon as possible, he said.

"Capital is the buffer that protects banks against losses," said White, who acknowledged the Fed faces a lot of pressure from the banks. "Something north of 10% would be much better and much safer."