New Minneapolis Fed chief suggests major banking reform

by MinnPost staff 02/16/201602/16/2016

Neel Kashkari

Interesting argument coming from the guy who ran the TARP program. Bloomberg Business’ Christopher Condon reports: “Federal Reserve Bank of Minneapolis President Neel Kashkari will lead an effort to toughen U.S. banking laws to prevent another financial crisis, saying regulators must consider options including breaking up the nation’s largest financial institutions. … Kashkari, 42, said the Minneapolis Fed will hold a series of events and collect public and financial-industry input before making proposals by the end of this year on how to address the issue. He said options to consider include breaking up big banks, forcing large banks to hold so much capital they resemble ‘public utilities’ and taxing leverage in the financial system to alleviate risks.”

Your miserable trip to the airport may be a little less miserable. MPR’s Tim Nelson writes: “A new $17 million security screening system at Minnesota’s main airport opened Tuesday. … The 10-lane checkpoint on the north end of the Terminal 1 ticket lobby is part of a years-long overhaul designed to get travelers to their planes faster. … On the terminal’s main floor, the public is screened through two security checkpoints. All other entries on the terminal’s main floor have been closed, except for a restricted entry for flight crews.”

Classical music is high culture, after all. The Pioneer Press’ Mara H. Gottfried writes: “A 33-year-old man who was formerly a cellist with the St. Paul Chamber Orchestra was arrested Friday in Oregon, after the State Police there said they found more than 100 pounds of suspected marijuana in his car. … David Roy Huckaby is being held in the Klamath County, Ore., jail. The marijuana was valued at $226,000, according to the Oregon State Police.”

Where was he headed with this scam? The Star Tribune’s Paul Walsh writes: “A con man has been caught and charged with passing himself off as a McDonald’s corporate compliance officer on visits to various Golden Arches restaurants in the Twin Cities and in other states, authorities said. … Before spending most of last week in jail, David S. Goldstein, 47, was staying at a hotel near the Mall of America and pledging that McDonald’s headquarters would pick up the bill, Bloomington police said Monday. … At times during his visits to McDonald’s restaurants he would ‘gain access to secure areas and secure documents,’ read a criminal complaint.”