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April 26, 2023
Memo To Reporters: What The Fed's Self-Investigation Must Explore To Be Credible
The Fed report is being written by Vice Chair for Supervision Michael Barr, whose own failures ought to be among the report’s focuses.
April 18, 2023
How A Herbert Hoover Policy Got Wrapped Up In SVB And A Fed Opening
One of the flashing-red warning signs about SVB’s bad balance sheet was the huge cash advances it was taking out of the FHLBank system.
April 06, 2023
We Have Always Been Right About Jerome Powell
Despite years of our best advice, and indeed the better judgments of Sen. Elizabeth Warren and other progressives in Congress, government watchdogs like Americans for Financial Reform (AFR) and others, nearly one year ago President Joe Biden disappointed his responsibility to the public and to his own economic agenda by renominating Donald Trump’s hand picked head of the Fed: Jerome Powell. Biden bafflingly stuck by Powell despite his years of betraying labor unions, environmental groups and frontline communities, and the middle class. As a result, broad coalitions of folks concerned about the climate crisis, about the long term safety and stability of our financial system, about attacks on labor and the working class, about housing insecurity and the long term impacts of the pandemic, mobilized against Powell’s renomination because his storied track record of, well, making each of these things (and more!) worse.
March 15, 2023
cryptocurrencyEthics in GovernmentFederal ReserveFinancial RegulationFintech
RELEASE: Michael Barr's Fintech Partnerships May Cloud Judgment Of SVB Autopsy
As of now, Barr is assigned to investigate supervisory failures that occurred under his watch featuring a bank that catered in particular to the crypto and fintech industries which Barr was so active in immediately prior to revolving back into government. Barr is a walking conflict of interest. His central role in the investigation is damning
March 08, 2023
Does Austan Goolsbee Still Blindly Trust Wall Street?
His defense of HAMP is that his hands were tied, but he seemingly went out of his way to handcuff himself.
March 03, 2023
Ethics in GovernmentFederal ReserveFinancial RegulationMedia Accountability
Media Continues To Rehabilitate Disgraced Former Fed Vice Chair
Insider-trading can’t keep Powell’s right-hand man from becoming CNBC’s new favorite expert.
March 02, 2023
Workers Beware: Biden’s Potential Fed Pick Prescribes Unemployment & Reduced Social Security Benefits
Karen Dynan has been reported as one of a few economists on Biden’s shortlist to replace Lael Brainard on the Federal Reserve Board of Governors. While her proponents have highlighted the Harvard-trained economist’s perfect centrist resume, her recent statements on how best to tackle inflation should concern workers and their allies. And this blithe analysis concerning unemployment should come as no surprise – Dynan, like Biden’s foils in the GOP, believes cuts to Social Security benefits are likely.
March 01, 2023
We Don't Need A Morgan Stanley Economist On The Fed
The conflict of interest here would be self-evident.
September 23, 2022 | Revolving Door Project Substack
Hack Watch: So About Those Rate Hikes...
Few of the pundits who sprang to Jerome Powell’s defense last year have acknowledged that their analysis was exactly wrong.
May 16, 2022
Congressional OversightEthics in GovernmentFederal ReserveFinancial Regulation
Barr’s Stakes In 80+ Fintech Firms Raise Crypto And Consumer Protection Concerns
Most of Barr’s holdings are in firms backed by Nyca Partners, a fintech-focused venture capital fund built by Wall Street and Silicon Valley veterans which Barr has advised for years.
April 14, 2022
cryptocurrencyEthics in GovernmentFederal ReserveFinancial RegulationFintechRevolving Door
Michael Barr is the Wrong Man to Stop the Next Financial Crisis
Over a decade after the financial crisis, few would still dispute that the revolving door between financial regulators and the financial industry helped pave the way for economic disaster. In the years preceding the crash, regulators who came from the country’s largest banks and planned to promptly return to them, removed regulatory restraints and turned a blind eye to the predictably dangerous effects (see, e.g. Robert Rubin and Alan Greenspan). In the next administration, different regulators drawn from the same well let the fraudsters off the hook and left the working people who had fallen victim to them out to dry.
April 12, 2022
Want To Show That Dems Have Learned Nothing Since 2008? Give Michael Barr A Fed Seat
“Michael Barr was too close to fintech and cryptocurrency schemers to be the Comptroller of the Currency, and he is still too close to them to be Vice Chair for Supervision.”
April 06, 2022
Congress Should Heed the Lessons from the Federal Reserve's Ethics Scandals
After a stream of stories throughout the pandemic revealed seemingly rampant congressional insider trading, laughable disclosure practices, and nonexistent enforcement, Congress appears finally to be feeling the pressure to clean up its act. In recent weeks, lawmakers have introduced a flurry of new bills to limit conflicts of interest and help restore public trust in our governing institutions.
As they begin to forge a piece of consensus legislation, they should consider that members of Congress were not the only political leaders to violate public trust throughout the pandemic period. The trading scandals within the Federal Reserve system, for example, revealed material ethical deficiencies that have yet to be satisfactorily addressed. It’s important to recognize that these deficiencies are not unique to the Federal Reserve and that they represent an ongoing threat to public trust in other powerful corners of the executive branch as well. To rebuild that trust in government, lawmakers must learn the lessons of the Federal Reserve scandals and develop fixes for these deficiencies there and elsewhere.
March 02, 2022
Dylan Gyauch-Lewis Max Moran Toni Aguilar Rosenthal
Corporate CrackdownEthics in GovernmentExecutive BranchFederal ReserveFinancial RegulationIntellectual PropertyRevolving DoorTech
What Can Biden Actually DO From His State Of The Union?
Biden is still married to reviving a long-lost vision of bipartisanship. Never mind that the same Republicans he’s desperate to welcome into the fold literally did not applaud the ideal of bipartisanship he is pushing.
February 01, 2022
The Chamber Of Commerce Gives Cover To Scared Wall Streeters
Quaadman’s letter is full of technical language and oozes elite respectability, but underneath all of the jargon, it’s just a bunch of Wall Street banks scared that someone might hold them to account.