Minneapolis Fed President Neel Kashkari, a Republican and former Treasury official under the Bush and Obama administrations, said on Tuesday existing rules to protect taxpayers and the economy from a bank failure fall short, and he urged Congress to consider breaking up massive banks.

The call for action seven years after the worst of the financial crisis touched a nerve among bankers and on the combative presidential election campaign, where both Democrats and Republicans have hammered Wall Street greed and criticized regulations as having fallen short.

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