Fed’s Kashkari says major U.S. banks should raise $200 billion in capital: FT

Fed’s Kashkari says major U.S. banks should raise $200 billion in capital: FT

© Reuters. Minneapolis Federal Reserve Bank President Neel Kashkari poses during an interview with Reuters in his office at the bank’s headquarters in Minneapolis

(Reuters) – Big banks in the United States should raise $200 billion in capital right now amid the ongoing coronavirus outbreak, Minneapolis Federal Reserve Bank President Neel Kashkari wrote in an op-ed for the Financial Times newspaper https://on.ft.com/34JV0qq.

“In 2008, U.S. taxpayers injected about $200 billion of capital to strengthen banks”, Kashkari wrote on Thursday.

“Raising that amount from private investors today, as a strong, preventive measure, would ensure that large banks can support the economy over a broad range of virus scenarios”, he added.

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