‘More needed’ to prevent GFC repeat


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A US Federal Reserve official who played a key role in the government’s response to the 2008 financial crisis says the government should do more to prevent a repeat of that meltdown.

Neel Kashkari believes the biggest banks still continue to pose a “significant, ongoing” economic risk and the government should consider whether the biggest banks need to be broken up.

Kashkari, a key architect of the 2008 federal bailout of the financial industry, is now president of the Federal Reserve’s regional bank in Minneapolis.

Kashkari’s comments about breaking up the nation’s biggest banks addressed a proposal Senator Bernie Sanders of Vermont has been pushing in his Democratic presidential campaign.

Kashkari did not endorse such a move but he said it should be studied.

Online Source

The Indian Telegraph Sydney Australia

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