Architect of 2008 bailout says US banks still pose 'nuclear' threat to economy

Neel Kashkari, head of the Minneapolis Federal Reserve, said US's biggest banks are still 'too big too fail' and Congress should consider 'bold solutions'

America's biggest banks present a "nuclear" threat to the US economy and should be broken up, a Federal Reserve policymaker and architect of the 2008 banking bailout said Tuesday.

Neel Kashkari, the head of the Minneapolis Federal Reserve, said the US's biggest banks were still "too big too fail" and Congress should consider "bold transformational solutions to solve this problem once and for all".