The latest U.S.-based Bank-member does not go required to smash the banks, and says post-financial crisis, security measures go far enough. Neel Kashkari, the President of the Minneapolis Fed, said that banks should be separated into “smaller, less connected, less important people”. The former Goldman Sachs Executive urged to go to the Congress, the Dodd-Frank Act of 2010.
2Mr Kashkari also provided the tools for the resolution of troubled banks. He said in a speech: “I am very much skeptical that these tools will be useful,” and warned that “we see the next crisis comes”. Mr Kashkari, a key figure in the US Treasury under Secretary Henry Paulson during the financial crisis, said: “Now is the time for Congress to consider is, goes further than Dodd-Frank, with a bold, transformative solutions to solve this problem once and for all.”
In his first speech as President of the Minneapolis Fed, since his appointment in January, Mr Kashkari said: “the financial sector has lobbied hard to keep the current structure and thrown endless objections to fundamental changes “And in the immediate post-crisis period, when the Dodd-Frank Act was passed, the economic Outlook was perhaps too insecure to take really bold action. “But the economy is stronger now, and the time has come to move past, to solve the narrow-minded interests, and this is a problem. To do not the risks are simply too great.”