Federal Reserve Bank of Minneapolis President Neel Kashkari said in a speech on Tuesday that the Fed should consider breaking up big banks to prevent government bailouts in the future.

"Breaking up large banks into smaller, less connected, less important entities," he said.

Kashkari said that the biggest banks were still too big to fail.

"I believe the biggest banks are still too big to fail and continue to pose a significant, ongoing risk to our economy," Federal Reserve Bank of Minneapolis president said.