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Fed's Kashkari says pandemic aid was also 'banking bailout'

Kitco News

Sept 18 (Reuters) - U.S. banks got their second bailout in little more than a decade when Congress cut checks to millions of Americans to help them through the coronavirus crisis, Minneapolis Federal Reserve President Neel Kashkari said on Friday, calling for a new round of reforms to prevent it from happening again.

“I applaud Congress’ bold actions to support people affected by the COVID-19 crisis, but we need to be clear that families weren’t the only beneficiaries,” Kashkari send in remarks prepared for delivery to a Council of Institutional Investors conference. “This was also a banking bailout.” (Reporting by Ann Saphir Editing by Paul Simao)

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