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Neel Kashkari

Break up big banks, suggests the Fed's Neel Kashkari, who ran 2008 bailout fund

Break up big banks, suggests the Fed's Neel Kashkari, who ran 2008 bailout fund

A top Federal Reserve official who administered the 2008 bank bailout fund suggested Tuesday that Congress consider breaking up the largest financial firms or treating them like public utilities to prevent their failures.

Neel Kashkari, the former Treasury official who was the 2014 Republican nominee for California governor, announced that he was launching an initiative in his new role as president of the Federal Reserve Bank of Minneapolis to develop tougher regulations to solve the problem of banks considered too big to fail.

While the 2010 Dodd-Frank financial reform law has made "significant progress" in strengthening the financial system, it did not go far...

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