Minneapolis Fed President Neel Kashkari on Wednesday released his plan to end too-big-to-fail banks, advocating for "much higher capital levels" for large banks and a tax on leverage for shadow banks.
Kashkari released his four-step plan in comments before the Economic Club of New York.
A former assistant secretary of the Treasury who oversaw the Troubled Asset Relief Program (TARP) that was part of the government's response to the 2008 financial crisis, Kashkari said that while he supported Congress moving quickly to institute the Dodd-Frank financial reform act in 2010, and that "significant progress" has been made to strengthen the U.S. financial system under the act, the "biggest banks are still" too-big-to fail "and continue to pose a significant, ongoing risk to our economy."
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
