I assess this rationale in the essay available here:.

The problem is its reasoning makes no sense. It says:."The Federal Reserve is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States.”.

Join millions who have switched to Grok.

. for the Federal Reserve. It said its ruling does not “necessarily implicate the constitutionality of the for-cause removal protections for members of the Federal Reserve’s Board of Governors [the Board] or other members of the Federal Open Market Committee [FOMC].".

Yesterday the Court gutted statutory protections for Senate-confirmed officials who lead important agencies like the NLRB. Its ruling means people illegally terminated by the President are out of a job while they litigate their case. But the Court included a carveout. .

I've written a response to the Supreme Court's latest ruling on Fed independence:.

RT @DavidBeckworth: Great show this week with @LevMenand & Josh Younger who discuss how Treasury market liquidity is a policy choice! They….

RT @SenWarren: 15 years after the financial crisis, Wall Street banks are bigger than ever and still depend on taxpayer bailouts to avoid a….

RT @PostOpinions: "It’s time to separate depository banks from other financial businesses and treat them as public utilities," @LevMenand a….

RT @adam_tooze: Making & remaking the most important market in the world. Or why everyone should read Menand and Younger on Treasuries. Ch….

RT @adam_tooze: The four historical phases of the US Treasury market. Chartbook 238 summarizes the fantastic paper by Menand and Younger o….

RT @linakhanFTC: 1. On this Labor Day, a reminder that @FTC is committed to protecting all Americans—including workers—from unfair methods….

RT @alexandrascaggs: Click for the meme . Stay for the excellent paper from @LevMenand and Josh Younger.

RT @NathanTankus: Starting to get annoyed with people describing the 2010s as the "low interest years" rather than "the depression years" o….

Great overview of the deposit insurance reform debate! 👇.

RT @NathanTankus: Back from conferencing, I have a fresh piece on the deeper systemic consequences of the cap on deposit insurance through….

RT @rooseveltinst: Providing all Americans with a public banking option—namely FedAccounts—would allow universal access to a free, safe, an….

With the potential to revise and go to 2 or 3 years if IR differential becomes meaningful.

Why 13-3 to lend to banks? My guess is its about the 1 year term which allows for a lower interest rate than on DW loans (which are max 4 mos). Terming out funding *helps* banks when the yield curve is negative sloping.

RT @TheStalwart: @MattZeitlin Fits with Mosler’s claim that SVB was a de facto shadow bank masquerading as a real bank.

RT @IrvingSwisher: Got to listen a second time with more fuller attention and this Odd Lots episode with @LevMenand is full of so many grea….