Minnesota Federal Reserve President: If You Aren’t Raising Wages, Don’t Complain About Labor Shortages

Neel Kashkari, US Treasury Department Assistant Secretary for Financial Stability, discusses the Troubled Asset Relief Program (TARP), the federal government's $700 billion bailout program, in a forum at Georgetown University's McDonough School of Business on January 13, 2009 in Washington, DC. In his remarks, Kashkari stressed the importance of banks lending money but noted that the Treasury will not make an attempt to force them to make loans. (Photo by Jonathan Ernst/Getty Images)
The president of the Federal Reserve Bank of Minnesota, Neel Kashkari, blasted claims of a labor shortage by telling employers they must raise wages.