Consumers should be free to choose their bank,.

According to the FDIC, 8.4 million U.S. households lacked a bank account as of 2017, putting America behind other rich countries. Minorities and the young are heavily overrepresented among the unbanked, so addressing this problem is a matter of both financial inclusion and equal opportunity. Fortunately, the…

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…

consumer credit, consumer loans, financial inclusion, payday lending, student loans

On October 21, I had the pleasure to give the research keynote address at the annual conference of the Financial Services Centers of America (FiSCA) in Miami. Below are my remarks, in which I critique some policymakers' attempts to promote financial inclusion by restricting consumer choice and…

Monetary Policy, MMT, Financial Inclusion, Cato Journal, Fed

The Fall 2019 edition of the Cato Journal, the Cato Institute's interdisciplinary journal of public policy, is now available online. Readers of Alt-M will find the articles on monetary and financial topics of special interest.  Their topics range from financial inclusion, to macroprudential policy, to Modern Monetary…

banking regulation, financial regulation, financial innovation, community reinvestment act, financial inclusion

In a recent op-ed for CNN, Rep. Rashida Tlaib (D-MI) suggests a plan for improving the financial inclusion of minority households. She believes that reversing the Trump administration's recent regulatory initiatives on credit discrimination and mortgage reporting legislation would improve matters. While Rep. Tlaib is right to…