Politics nothing to do with curbing big banks: Fed’s Kashkari

Times posted the same information – gotta love the line: “It’s not what one expects from a Goldman Sachs Republican.”

Justice League

The newest Federal Reserve policymaker dismissed concerns that his call for radical action to rein in “too big to fail” banks was a partisan move, and instead said on Wednesday it highlighted the U.S. central bank’s independence from politics.

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.

Read on.

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