Just over 150 miles separate the Swiss cities of Basel and Geneva. For ten months, their distance has symbolized the gulf between the international regulators of the Financial Stability Board and the Libra Association, a corporate payments consortium led by Facebook. But this week marked a rapprochement,…
While it appears the combination of ample liquidity injections by the Fed and soft loans guaranteed by the Small Business Administration has managed to ease concerns of a looming and massive cash crunch across the economy, there is at least one group of financial firms that has…
Uncertainty about the application of the securities laws has been an important concern, and a barrier to growth, for many crypto projects. Commissioner Peirce's safe harbor would go a long way toward addressing that uncertainty.
On Feb. 5, I had the pleasure of addressing the annual conference of the Receivables Management Association International in Las Vegas. Below is a transcript of my speech. ***** Thank you for the opportunity to address you this morning. It has become so easy to borrow in…
The Community Reinvestment Act is supposed to ensure that banks lend to low- and moderate-income households wherever they operate. But there are reasons to doubt its effectiveness. In the Washington Post this summer, I reported findings (from a forthcoming paper with Andrew Forrester) that more than two-thirds…