David Zaring
@ZaringDavid
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Professor at Wharton. Financial regulation, administrative law.
Philadelphia, PA
Joined January 2019
A nail biter! Votes are never this close at the FOMC.
The Monetary Policy Committee voted by a majority of 5-4 to cut interest rates to 4%. Find out more in our #MonetaryPolicyReport
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I think this is a reasonable analysis of Biden's Fed appointees.
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Tariffs do reduce imports! The weirdest thing about this whole episode is that there isn't a hint of an idea that the WTO is in any way a relevant source of law here. International lawyers used to think it was the one place where intl law worked.
bloomberg.com
The US trade deficit narrowed in June to the tightest since September 2023 as companies scaled back on imports after a massive surge earlier in the year.
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Macro, but given the deficit, the debt ceiling, and the high interest rates, I would not have expected the US to all but catch Germany on sovereign debt.
Good Morning from Germany, which is slowly losing one of its last key advantages: its strong credit rating and low borrowing costs. The risk premium on 10y US Treasury bonds over German Bunds has narrowed to 155bps, and even Italian bonds now carry only an 83bps premium –
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I guess her term was going to end in January anyway - she filled in for the remainder of Lael Brainerd's term. Anyway, let's hope all is well with Kugler.
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As @Petercontibrown knows, tho I guess some schools only let academics leave for two years (though Georgetown Law let Howard Shelanski run OIRA for forever), serving 2 years as a board member isn't how the terms - 14 years long - are supposed to work.
federalreserve.gov
The Federal Reserve Board announced on Friday that Adriana D. Kugler will step down from her position as governor of the Federal Reserve Board, effective Augus
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The WSJ with an op-ed that's both a gamer on the oral argument and urging the Federal Circuit to interpret IEEPA not to permit the worldwide tariffs.
wsj.com
An appeals court seems skeptical of Trump’s use of an emergency law.
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I think it is quite crazy that the senate has to spend its time confirming a Deputy USTR (Asia, textiles, investment services, and intellectual property), even if he is ranked as an ambassador.
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Still not sure it will happen but talk about bipartisan.
How Tim Scott and Elizabeth Warren agreed on a sweeping housing package via @lizcgoodwin & @rachsieg
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I gotta think top of the list at the SEC is reform to the accredited investor regime . or maybe the end of it. The tricky part will be figuring out what to do with the requirement that the purchaser can "fend for themselves," which is statutory.
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I never know what to make of bipartisan bills - the odds they go into effect are still really low! This bi-partisan bill would move housing policy away from localities, and a little bit towards the federal government.
It's difficult to underscore just how many ideas and reforms are inside this big bipartisan housing bill. And it's a huge achievement that its got full buy-in from the leadership of the Senate Banking Committee. Here's just a taste:
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There’s a few banks listed as getting rid of their holding companies, Rodge Cohen has an explainer, and I thought one reason the holdco was common was for capital market financing flexibility and tax structuring, which aren’t mentioned. Recommend!
americanbanker.com
Flagstar Bank wants to merge its holding company into the bank, which would cut $15 million in annual expenses and eliminate regulatory oversight by the Federal Reserve, leaving the OCC as its...
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Some have noted that it's weird to have Bessent talk so collaboratively after ripping the Fed over its big renovation. I'll note he very much wants the department to play a leading role in financial regulation - so much for independent agencies.
home.treasury.gov
As prepared for deliveryGood evening, it’s an honor to be with you tonight.Let me first express my appreciation to Vice Chair Bowman for arranging tomorrow’s conference. The Vice Chair has certainly...
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this WSJ op-ed on the Fed's monetary policy is pretty hard to parse, but "reinstate pre-emptive tightening to manage inflationary expectations" means raising, not lowering, interest rates.
wsj.com
The central bank should focus on its dual mandate and not try to solve all the economy’s problems.
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Dry and courtly.
Chair Powell delivers opening remarks at the Integrated Review of the Capital Framework for Large Banks Conference: Watch live: Learn more about Chair Powell:
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Fed independence is a weird thing for lawyers. Legally it is extremely tenuous - it rests on a memo executed between the Fed and Treasury in 1951 that is really quite vague. But nonlegally, of course, CBI is a strong thing.
federalreservehistory.org
In March 1951, the US Treasury and the Federal Reserve reached an agreement to separate government debt management from monetary policy, laying the foundation for the modern Fed.
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A bit insidery, but the dissatisfaction of unnamed senior Trump officials with Pulte reminds me of the story about Elon getting pushback from cabinet officials at a meeting.
wsj.com
The freewheeling style of Bill Pulte, the head of mortgage giants Fannie Mae and Freddie Mac—and known to some as “Little Trump”—is landing the wrong way with some industry and administration...
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While other parts of the government have said they don't have to follow the APA, in this case the Fed super is (correctly imo). It's repealing a rule, and that means you have almost the same process you did for promulgation - only 30 days to comment tho.
federalreserve.gov
Federal bank regulatory agencies today jointly issued a proposal to rescind the Community Reinvestment Act (CRA) final rule issued in October 2023 and replace
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This case - about Cambridge Analytica, which as far as I can tell was bogus - is what's wrong with shareholder litigation. Why do they get to sue, and people with privacy interests don't? And settling on the eve of depositions makes it look like a hold up.
wsj.com
With a settlement, current and former board leaders avoid having to take the stand in a lawsuit over their response to the Cambridge Analytica scandal.
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The rise of at will removal in financial regulation continues apace.
subscriber.politicopro.com
The Public Company Accounting Oversight Board has been a political lightning rod, with critics like SEC Chair Paul Atkins saying it needs stricter oversight.
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