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17 11, 2022

DAILY111722

2022-11-17T17:18:13-05:00November 17th, 2022|2- Daily Briefing|

Warren, Durbin Demand Answers about FTX Collapse

Following FTX’s collapse, Majority Whip Durbin (D-IL) and Sen. Warren (D-MA) sent a letter today to FTX founder Sam Bankman-Fried demanding a detailed accounting of the company’s decisions and business practices.  We doubt they will get an answer anytime soon, with this letter joining a flood of Congressional inquiries and likely hearings (see Client Report REFORM215).

Jefferson Supports Limited Fed Mandate

In remarks today, FRB Gov. Phillip Jefferson disputes those – including many progressive Democrats – who believe that racial equity and economic equality are an intrinsic part of the Fed’s mission.  Specifically, he states that, while consumer protection, community development, and financial stability can promote inclusive growth, monetary policy cannot directly address it or why low-income households are more acutely affected by inflation.

Fed CBDC Survey Suggests Possible CBDC Upside

A new Fed literature review evaluating the macroeconomic implications of CBDC focuses on the financial inclusion and payment system impacts CBDC would have in the U.S. and advanced economies.  As is usually the case with surveys, it reaches cautious conclusions, including that CBDC could increase financial inclusion for the unbanked.  It might also reduce financial frictions in deposit markets, enhance retail payment-system efficiency, facilitate international transactions, and spur private-sector banking and payments innovation.

Daily111722.pdf

1 05, 2022

AL050222

2023-03-01T14:48:24-05:00May 1st, 2022|3- This Week|

Waiting in the Wings

Although the Senate last week confirmed Lael Brainard as the Fed’s new vice chair, Mr. Powell, Mr. Jefferson, and Ms. Cook remain on hold. The reason is political and powerful: the White House needs all the Democratic votes it can get to confirm Ms. Cook, several Democrats are out with Covid, and Mr. Powell’s confirmation is being held hostage to hers. All this will work itself out and all of the nominees will get confirmed, but it will take time. Similarly, Michael Barr will soon get his confirmation hearing to serve as Fed supervisory vice chair and then on to confirmation absent any untoward remarks or unknown facts Republicans can use to block him.

Al050222.pdf

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