The biggest US banks pose a potentially devastating threat to the economy and regulators should consider breaking them up, according to the new head of the Minneapolis Federal Reserve.
Neel Kashkari, one of the main architects of Wall Street’s 2008 bailout, said the largest lenders were “too big too fail”. In his first public comments since becoming the head of the Minneapolis Fed last month, he said efforts to regulate the big banks since the financial crisis had not gone far enough.
A break-up should be on the table, alongside a plan to turn the largest into public utilities by “forcing them to hold so much capital that they virtually can’t fail”, he said.
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