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A lively and informed discussion was held at the American Enterprise Institute on March 20, 2014 on the question: Is the Federal Reserve a philosopher king or servant of the treasury? Alex Pollock, a frequent contributor to Law and Liberty and participant in the AEI discussion, offers here in condensed form the arguments and the instructive history presented.
Since the financial crisis in 2008, central bankers and bank regulators world-wide have repeatedly called for controls on "shadow banking." But if bank regulators get their way, much of the U.S. financial system will lose its capacity for risk-taking as well as its dynamism, innovativeness and flexibility. And the U.S. economy would not be any safer.
Charles Calomiris and Stephen Haber, combining their scholarly command of banking and political institutions, have published a book full of fertile ideas, instructive histories of the evolution of a number of banking systems, and provocative interpretations of the co-dependency between banks and governments.
In September 2013, the Financial Stability Oversight Council (FSOC) designated Prudential Financial as a systemically important financial institution (SIFI); its rationale was perfunctory and data-free, suggesting that the FSOC sees no need to justify its designation decisions. Congress must step in, and quickly, before this pattern continues.
It is a bit of a stretch-to say the least-for the FSOC to attribute the "shutdown" of the commercial paper market to a supposed "run" on MMFs after the Lehman bankruptcy.
For those who wanted to greatly expand the power of government over banks and nonbank financial institutions and markets, we got the Dodd-Frank Act of 2010.
Anat Admati and Martin Hellwig are not suggesting a freer market in banking in their new book The Banker's New Clothes. They believe in future regulation which will somehow be more successful than all the regulation of the past, which has so notably failed to prevent, and often enough has helped cause, recurring bubbles, busts and panics. How plausible is their belief?
Government-directed lending policies create an unfavorable financial environment that pushes resources out of the financial sector, reducing business and consumer access to credit and limiting economic growth.
Ways and Means Committee Chairman Dave Camp is proposing to tax all assets over $500 billion of big banks and other “systemically important financial institutions” (SIFIs). Two giant, hyper-leveraged financial firms are remarkably absent from this proposal: Fannie Mae and Freddie Mac.
Join a diverse group of panelists — including sociologists, education experts, and students — for a discussion of how public policy and culture can help families lay a firmer foundation for their children’s educational success, and of how the effects of paternal involvement vary by socioeconomic background.
This event will coincide with the release of a new report by AEI’s Mary Habeck, which analyzes why current national security policy is failing to stop the advancement of al Qaeda and its affiliates and what the US can do to develop a successful strategy to defeat this enemy.
During this event, experts with many different views on the ACA will offer their predictions for the future.