ML-Implode News - Kashkari, at Fed, Emerges As Sanders-like Radical; Suggests Breaking Up Wall Street Banks

The U.S. Federal Reserve's newest policymaker on Tuesday called on lawmakers to consider "bold, transformational" rules including the breaking up of the nation's largest banks to ensure taxpayers are no longer on the hook should they fail.... A set of regulations introduced after the financial crisis, known as Dodd-Frank, did not go far enough, he said in prepared remarks.
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He urged lawmakers to consider breaking up large banks into "smaller, less connected, less important entities" and took a swipe at existing rules for winding down failing banks should they run into difficulty amid a weak global economy. "I am far more skeptical that these tools will be useful," Kashkari said, adding that "we won't see the next crisis coming." He said Congress should consider compelling banks to hold so much capital that they can't fail.

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Kashkari, at Fed, Emerges As Sanders-like Radical; Suggests Breaking Up Wall Street Banks