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Engine of Inequality, by Karen Petrou

The first book to reveal how the Federal Reserve holds the key to making us more economically equal, written by an author with unparalleled expertise in the real world of financial policy.

Following the 2008 financial crisis, the Federal Reserve’s monetary policy placed much greater focus on stabilizing the market than on helping struggling Americans. As a result, the richest Americans got a lot richer while the middle class shrank and economic and wealth inequality skyrocketed. In Engine of Inequality, Karen Petrou offers pragmatic solutions for creating more inclusive monetary policy and equality-enhancing financial regulation as quickly and painlessly as possible.

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“Petrou’s book uncovers a hidden engine of our skyrocketing inequality: financial-policy. In an accessible and engaging prose, Petrou takes us through the inner workings of monetary policy at the Fed and financial regulations, how they’ve made inequality worse and how they could instead be retooled to take us to a more equitable future. A novel look at the problem of inequality and bold ideas to help resolve it. A must read.”—Emmanuel Saez, Professor of Economics at the University of California Berkeley and author of The Triumph of Injustice

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Industry Expert

Federal Financial Analytics (FedFin) is a Washington-based financial services-consulting firm that has for decades attracted a high-powered clientele in Washington, on Wall Street, and among global central bankers. Since 1985 FedFin has provided a unique blend of analysis and strategic advice on public policy, regulatory, and legislative issues for industry and governmental clients doing business in the U.S. and abroad.

A proprietary think-tank for its clients, FedFin reviews critical federal and global policy developments in banking, insurance, asset management, and mortgage finance, analyzes them in great depth, and then advises clients on whether what they want can be made to work for them, within the policy environment and for the financial system. It is FedFin’s guiding principle to be an honest broker, and clients depend on the fact that the firm does not offer lobbying or any other services that could compromise its objectivity and independence.

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Wall Street Journal, Tuesday, January 11, 2022

January 11th, 2022|

Bank of America to Cut Overdraft Fees to $10 From $35 By Orla McCaffrey and Will Feuer Bank of America Corp. said Tuesday it would cut overdraft fees to $10 from $35 beginning in May, following other big banks that have rolled back or ditched such charges. Overdraft fees, which [...]

American Banker, Wednesday, January 5, 2022

January 5th, 2022|

Biden's likely Fed pick could change tone on climate risk, capital rules By Joe Adler and Jon Prior The Biden administration appears close to naming a Treasury Department veteran and leading voice on fighting climate-related financial risk to the top bank-regulatory job at the Federal Reserve Board. Sarah Bloom Raskin [...]

American Banker, Wednesday, January 5, 2022

January 5th, 2022|

4 questions about FDIC's leadership limbo By Brendan Pedersen and Joe Adler WASHINGTON — Even against the backdrop of a power struggle that raised questions about who controlled the Federal Deposit Insurance Corp.'s agenda, the resignation of FDIC Chair Jelena McWilliams with only hours left in 2021 came as a shock [...]

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Economic Equality Blog

Economic Equality Blog is aimed at showing central banks and financial regulators how to put their formidable thumbs on the equality scale in favor of those whose income and wealth suffer so much in the wake of the great financial crisis.

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January 12th, 2022|Categories: The Vault|
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