In the lead-up to the debate about the Data Privacy Act of 2023, Financial Services Committee members received letters from consumer groups and finance trade associations, urging them to vote for or against the contentious legislation. The Data Privacy Act of 2023 garnered opposition from consumer advocacy groups and support from finance trade associations. The… Read More »
In January 2020, I completed a book analyzing the financial crises that triggered the Great Depression of the 1930s and the recent Great Recession. In that book, I argued that the world’s financial system was caught in a “global doom loop” at the beginning of 2020. Bailouts and economic stimulus programs during and after the global financial crisis of… Read More »
On August 2, the Board of Governors of the IMF approved the creation of approximately $650 billion of Special Drawing Rights (SDRs)—the IMF-created reserve currency—to boost global liquidity and support the ongoing pandemic response in emerging markets. This was the largest increase the U.S. treasury secretary could approve without the issuance being subject to an approving vote in the U.S.… Read More »
After a political and legislative showdown at the end of 2020, Congress closed the Fed’s most novel Section 13(3) emergency lending facilities—the ones aimed most directly at Main Street. These facilities—supported by Treasury funds allocated by the Coronavirus Aid, Relief, and Economic Security (CARES) Act—lent only a fraction of their stated maximum lending limits, leaving many criticizing the programs’ overly punitive… Read More »
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