A Former Banker’s Push to End ‘Too Big to Fail’
By
Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, in Burlingame, Calif., in 2014. Mr. Kashkari fears the financial sector has grown too large as a share of the economy as middle-class incomes have stagnated. CreditStephen Lam/Reuters
MINNEAPOLIS — When he left Goldman Sachs to join the Treasury Department in 2006, Neel Kashkari held a worldview that played to type.
“I was a free-market ideologue,” he said.
Then came a huge, sudden financial crisis, and the free-market ideologue found himself sending bailouts to Wall Street in hopes of averting a second Great Depression. Later, Mr. Kashkari ran an improbable (and unsuccessful) race for governor of California, in which he felt up close the fear, anxiety and anger of financially squeezed voters.
Now president of the Federal Reserve Bank of Minneapolis, Mr. Kashkari is no longer a free-market ideologue…
A Former Banker’s Push to End ‘Too Big to Fail’
