Financial Regulation

An inquiry from the Revolving Door Project has revealed the absence of any records of any communications of any kind between Powell and the Office of Government Ethics,

Yi is the latest BigLaw revolver and corporate ally to join the Biden Administration.

There is no assurance whatsoever that Quarles’ successor will have anything close to Quarles’ own power, should Biden refuse to nominate a new Federal Reserve Chair.

It is very possible that President Biden will show up empty-handed to COP26 in Glasgow next week. And that isn’t just because of the apocalyptic vanity of two Senators from Arizona and West Virginia. Many executive-led policies that are just a matter of political will have not been done, and some of those which have are pure paper tigers. Biden’s administration failed last week to take advantage of a lesser known, but extremely meaningful climate action opportunity. The Financial Stability Oversight Council (FSOC) released its long-awaited report on climate-related financial risk, which the President personally ordered months ago. And it was a complete flop. 

We hope that these one-pagers help political professionals, the press, and onlookers to better understand the facts surrounding the reappointment debate.

“It’s extremely disappointing to see this long-awaited report be so watered down by what can only be described as climate apathetic FSOC members.”

The cloistered, out-of-touch nature of Fed leadership derives mostly from its obscure senior staff members. And if one asks who sets the direction for them, one finds a fascinatingly top-heavy organizational structure.

“The malfeasance already in the public record is staggering. For the sake of government integrity, the public must learn how deep the rot goes at Powell’s Federal Reserve.”

Professor Omarova has spent over a decade fighting for the belief that the public should set rules for banks, rather than banks setting rules for the public.

Even when these pundits have the facts right, their actual argumentation is still pretty weak.

Apparently, Harris just doesn’t get why regulators have to be so skeptical of the industry all the time—which makes sense, coming from a fintech executive who’s advocated for the industry on both sides of the revolving door.

Today, a coalition of 23 environmental, labor, and good government organizations called on President Biden to remove Thomas Workman from his role as the independent member with insurance expertise on the Financial Stability Oversight Council (FSOC), the interagency panel which identifies and addresses systemic risks to the financial system. 

The Biden administration’s favorite pundit deploys willful ignorance in order to chide the left.

The argument in favor of Powell ignores the simple math.

In the last few months, Revolving Door Project has been quite public about our opposition to renominating Jerome Powell for a second term as Chair of the Federal Reserve.