A budget in chains.

One of the more controversial provisions of the CARES Act consists of the $454 billion it allows the U.S. Treasury to devote to "backstopping"  (that is, to supplying partial funding for) the Federal Reserve's emergency lending. In a previous post, I argued that these Treasury backstops help…

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…