The FinReg Pod
Go behind the scenes of some of the most interesting topics at the intersection of finance, law, and public policy. Hosted by Lee Reiners.
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Regulating Data Brokers in Financial Services
11/18/2024
Regulating Data Brokers in Financial Services
Justin Sherman is the founder and CEO of Global Cyber Strategies, a nonresident senior fellow at the Atlantic Council, and an adjunct professor and senior fellow at Duke University’s Sanford School of Public Policy, where he founded and leads its data brokerage research project. He joins Lee to discuss how data brokers obtain and use sensitive data, the role they play in financial services, and the current regulatory landscape attempting to address these practices. Lee’s X: @leereiners Justin’s X: @jshermcyber Related Links:
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Betting on Elections
10/30/2024
Betting on Elections
Dan Berkovitz and Laurian Cristea discuss the regulatory and ethical challenges surrounding political event contracts. They explore the history, recent legal developments, and the future implications of betting on political outcomes, especially as the CFTC tightens its stance on these controversial markets. Lee’s X: @leereiners Related Links: CFTC proposed amendments to its rules concerning event contracts in certain excluded commodities: Elections Bets Go Live on Kalshi After CFTC's Court Loss: US appeals court clears Kalshi to restart elections betting: Statement of Chairman Rostin Behnam Regarding CFTC Order to Prohibit Kalshi Political Control Derivatives Contracts: A Mystery $30 Million Wave of Pro-Trump Bets Has Moved a Popular Prediction Market:
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Do Nonbank Mortgage Companies Threaten Financial Stability?
10/22/2024
Do Nonbank Mortgage Companies Threaten Financial Stability?
Ed DeMarco is president of the Housing Policy Council and former acting director of the Federal Housing Finance Agency. He discusses the rise of nonbank mortgage companies and what the Financial Stability Oversight Council’s recent report on nonbank mortgage servicing gets right and what it gets wrong. Ed also offers his thoughts on the FHFA’s Title Insurance Waiver Pilot Program, Freddie Mac's proposal to purchase second mortgages, and the CFPB’s inquiry into junk fees in mortgage closing costs. Finally, DeMarco shares his views on Kamala Harris’ housing policy proposals and their potential impact on the housing market. Lee’s X: @leereiners Related Links: FSOC Report on Nonbank Mortgage Servicing: Director Sandra Thompson's Statement on Title Acceptance Pilot: FHFA Announces Conditional Approval of Freddie Mac Pilot to Purchase Second Mortgages: CFPB Launches Inquiry into Junk Fees in Mortgage Closing Costs: Housing Finance Quick Takes video series:
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Finishing the Progressive Financial Reform Agenda
10/01/2024
Finishing the Progressive Financial Reform Agenda
Graham Steele is the former Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury. He discusses insights from his latest paper for the Roosevelt Institute, "The End of Banking History? Finishing the Unfinished Business of Financial Reform." From the impact of the 2018 deregulatory “tailoring” project, which weakened post-crisis reforms, to the cascading failures of regional banks like Silicon Valley Bank and Signature Bank in 2023, Graham laid out his view on why the current regulatory framework is falling short and what needs to change. Graham’s X: @steelewheelz Lee’s X: @leereiners Related Links: The End of Banking History? Finishing the Unfinished Business of Financial Reform: Remarks by Assistant Secretary for Financial Institutions Graham Steele at the George Washington University Law School Business & Finance Law Program:
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Reforming the Federal Home Loan Banks
09/11/2024
Reforming the Federal Home Loan Banks
Kathryn Judge is a professor at Columbia Law School and Aaron Klein is a Senior Fellow at the Brookings Institution. They discuss the origins of the Federal Home Loan Banks, the role they played in propping up failing banks in the 2023 regional banking crisis, and their ideas for how the FHLBs can be reformed to better fulfill their public mission to promote housing and community development. Kate Judge’s X: @ProfKateJudge Aaron Klein’s X: @Aarondklein Lee’s X: @leereiners Related Links: Comment Letter on FHLB Mission Statemen, Kathryn Judge and Aaron Klein: Forum on the future of the Federal Home Loan Bank system: Highlights from the Brookings and BU Law event, Aaron Klein, Cornelius Hurley, and Harrison Fregeau: How to fix the Federal Home Loan Banks, Kathryn Judge and Aaron Klein: FHLBank System at 100: Focusing on the Future, Federal Housing Finance Agency:
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Index Funds and Private Equity: How Corporate Power Shapes Markets and Democracy
08/15/2024
Index Funds and Private Equity: How Corporate Power Shapes Markets and Democracy
John Coates is the John F. Cogan, Jr. Professor of Law and Economics at Harvard Law School and author of “The Problem of Twelve: When a Few Financial Institutions Control Everything.” According to John, a problem of twelve arises when a small number of institutions acquire the means to exert outsized influence over the politics and economy of a nation. In this episode, John discusses insights from his book and how the concentration of corporate power in the hands of a small group of institutional investors, specifically index funds and private equity funds, undermines our democracy. Lee’s X: @leereiners Lee’s Website: www.leereiners.com Related Links: The Problem of Twelve: When a Few Financial Institutions Control Everything:
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What the Regional Bank Failures of 2023 Reveal About Ending Too Big to Fail
08/08/2024
What the Regional Bank Failures of 2023 Reveal About Ending Too Big to Fail
Art Wilmarth, Professor Emeritus of Law at the George Washington University Law School, reflects on the regional banking crisis of spring 2023 and how decisions made by regulators to resolve Silicon Valley Bank, Signature Bank, First Republic Bank, and Credit Suisse reveal that we have still not solved the Too Big to Fail problem. Lee’s X: @leereiners Lee’s Website: Related Links: The FDIC’s resolution plan for failed megabanks is an empty promise: Regulators should reject big-bank arguments against stronger capital requirements: We Need a New Glass-Steagall Act to End the Toxic Symbiosis Between Universal Banks and Shadow Banks, Which Professor Corrigan Has More Fully Revealed: Statement by Martin J. Gruenberg, Chairman, Federal Deposit Insurance Corporation on Title 1 Resolution Plan Feedback Letters for 8 U.S. GSIBs: Martin J. Gruenberg, Chairman, FDIC Lessons Learned from the U.S. Regional Bank Failures of 2023 Florence School of Banking and Finance: US regulator criticises Swiss handling of Credit Suisse as ‘unhelpful’: FDIC Board of Directors Approves Final Revised Rule to Strengthen Resolution Planning for Large Banks: Overview of Resolution Under Title II of the Dodd-Frank Act:
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How to Stop a Bank Run
08/01/2024
How to Stop a Bank Run
Eric Spitler, former Director of the Office of Legislative Affairs at the FDIC, discusses his paper on the history of bank runs and how he would reform deposit insurance to address the weaknesses revealed by last spring’s regional banking crisis. Lee’s X: @leereiners Related Links: Yelling 'Fire' in the Financial Theater: Bank Runs in the Social Media Age and the Threat to Financial Stability: The Deposit Insurance Funds as an Early Resolution Tool:
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Regulating Voluntary Carbon Credits
07/26/2024
Regulating Voluntary Carbon Credits
Danny Cullenward is a distinguished Senior Fellow with the Kleinman Center for Energy Policy at the University of Pennsylvania. He joined Lee to discuss the current state of voluntary carbon credit markets and efforts in the U.S. and abroad to regulate carbon credits. Lee’s X: @leereiners Related Links: Danny’s website: Webinar: What Role Will Carbon Removal Play Under Article 6 of the Paris Agreement?
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The Secret History of Credit Cards
07/08/2024
The Secret History of Credit Cards
Sean Vanatta is a lecturer in US Economic and Social History at the University of Glasgow and author of the new book "Plastic Capitalism: Banks, Credit Cards, and the End of Financial Control." Sean sits down with Lee to discuss the history of credit cards in the United States and how this history informs current policy debates, including Capital One’s proposed acquisition of Discover and the Credit Card Competition Act. Lee’s X: @leereiners Sean’s X: @SeanVanatta Related Links Plastic Capitalism: Banks, Credit Cards, and the End of Financial Control:
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The Collapse of Synapse
07/01/2024
The Collapse of Synapse
Jonah Crane, a partner at Klaros Group and former Treasury Department official, breaks down the recent collapse of fintech company Synapse, which has left thousands of customers without access to their funds. Crane also reflects on the regulatory response and the broader impact Synapse’s failure will have on Banking as a Service. Lee’s X: @leereiners Jonah’s X: @JonahCrane Related Links Klaros Group: Does BaaS have a future: Nearly $109 million in deposits held for fintech Yotta’s customers vanished in Synapse collapse, bank says: Abrupt shutdown of financial middleman Synapse has frozen thousands of Americans’ deposits:
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Prometheum's Aaron Kaplan
03/28/2024
Prometheum's Aaron Kaplan
Prometheum is the one firm that other crypto firms love to hate. This is because the firm’s founders and co-CEOs, brothers Aaron and Ben Kaplan, have consistently and publicly argued that most cryptocurrencies are investment contracts subject to SEC registration requirements. In this episode, Aaron Kaplan joins Lee to discuss the process Prometheum followed to receive regulatory approve to operate an alternative trading system and special purpose broker dealer, which allows the firm to offer trading, clearing, settlement, and custody of digital asset securities. Aaron also addresses the frequent criticisms leveled at his firm and offers his thoughts on the future of the digital asset industry. Lee’s Twitter: @leereiners Related Links *Prometheum Receives First of Its Kind Approval From FINRA to Clear and Settle Digital Asset Securities: *Prometheum Announces Custodial Services for Ether (ETH), Opens Account Sign Up For Institutional clients: *SEC may be forced to declare Ethereum a security after controversial new launch: *Blockchain Association Calls for Investigation into SEC Approval of Prometheum Ember Capital as Special Purpose Broker-Dealer: *‘Crypto Communism’? Not in America: *U.S. Senator Tuberville Asks DOJ, SEC to Investigate Crypto Broker Prometheum: *Testimony of: Aaron Kaplan Co-CEO and Founder, Prometheum, Inc. Before the U.S. House of Representatives Financial Services Committee: *Agriculture, Financial Services Republicans Demand Sec Clarify Position Regarding Prometheum’s Custody Of Ethereum’s Ether:
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What Really Happened at Wells Fargo?
09/14/2023
What Really Happened at Wells Fargo?
Well Fargo was an iconic and respected American Brand. But then, in September 2016, in a settlement with the City of Los Angeles, the OCC, and CFPB, it was revealed that approximately 5,300 Wells Fargo employees had been terminated between 2011 and 2016, for sales practice violations that included opening over two million unauthorized deposit and credit card accounts. Earlier this year, Kevin Wack published a 5-part series in the American Banker that shed new details on the scandal. Kevin came on the show to talk about how the series came together and what his reporting uncovered. He also provides an update on what has happened to some of the senior executives involved in the scandal and shares his thoughts on the enduring lessons the Wells Fargo scandal provides. Leave questions and comments at Lee’s Twitter: @leereiners Related Links *Alarm bells, arrogance and the crisis at Wells Fargo: *How Wells Fargo's Aggressive Sales Culture Took Root: *Wells Execs Stuck to the Script as Evidence of Sales Abuses Mounted: *Deal to put ex-Wells Fargo executive behind bars sends tough message: *The Rise and Fall of Wells Fargo with Dick Kovacevich: *:
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Can Cooperatives Save Web3 and Sports?
08/28/2023
Can Cooperatives Save Web3 and Sports?
James Wigginton has thought deeply about economic power and the role cooperatives can play in ensuring Web3 lives up to its stated potential of sharing ownership with users in digital networks. James joins Lee to discuss how cooperatives can be used by Web3 firms to engage with their users, strengthen digital networks, and remain compliant with securities laws. James also talks about the potential for sports fans to own a part of their favorite teams by allowing cooperatives to take minority stakes in teams. Leave questions and comments at Lee’s Twitter: @leereiners Related Links *Cooperatives: An Ownership Model for Digital Networks: *Can fan-owned cooperatives change the relationship between fans and owners for the better?
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Fixing Carbon Accounting with Emissions Liability Management
08/21/2023
Fixing Carbon Accounting with Emissions Liability Management
is a lecturer at Stanford Law and the managing director of Stanford’s Sustainable Finance Initiative. And is the founder of investment advisory firm MNR Capital and a senior research scholar at Stanford University’s Steyer-Taylor Center for Energy Policy and Finance. In this episode, Alicia and Marc offer their perspective on the problems with the current method of corporate carbon counting, known as the Greenhouse Gas Protocol. They also break down a new carbon accounting methodology they’ve developed called Emissions Liability Management, or ELM. Leave questions and comments at Lee’s Twitter: @leereiners Related Links *Carbon Accounting and Emissions Liability Management: *Settling Climate Accounts: Navigating the Road to Net Zero: *Accounting for Climate Change:
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Payments and the Regulated Liability Network
08/03/2023
Payments and the Regulated Liability Network
Tony McLaughlin is Managing Director for Emerging Payments & Business Development at Citi Treasury & Trade Solutions. In this episode, Tony offers his thoughts on the latest developments in payments, including stablecoins, central bank digital currency, and FedNow. He also breaks down an exciting new project he’s been working on, called the Regulated Liability Network (RLN). RLN envisions a regulated Financial Market Infrastructure that could deliver an interoperable network of all facets of the sovereign currency system: central bank money, commercial bank money, and e-money (and in the future, regulated stablecoins). Leave questions and comments at Lee’s Twitter: @leereiners Related Links *The Regulated Liability Network Whitepaper *Regulated Liability Network U.S. Proof of Concept Findings
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The Current and Future State of the US Economy
03/12/2022
The Current and Future State of the US Economy
Joe Davis is chief economist at Vanguard as well as the global head of Vanguard Investment Strategy Group. In this episode, Joe offers his thoughts on what’s driving inflation, how the Federal Reserve is likely to respond at their upcoming policy meeting and beyond, and how investors can insulate their portfolio from inflations pernicious effects. Joe and Lee also reflect on key lessons learned from the last 15 years of economic policymaking. Lee’s Twitter: @leereiners GFMC Twitter: @DukeGFMC Related Links *Ukraine and the Changing Market Environment* Vanguard *Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?)* Jeremy B. Rudd *Will Inflation Stay High for Decades? One Influential Economist Says Yes* Wall Street Journal
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Breaking Down the Crypto Executive Order
03/10/2022
Breaking Down the Crypto Executive Order
Ari Redbord is the head of legal and government affairs for the blockchain intelligence firm, TRM Labs. Prior to joining TRM Labs, Ari held public sector roles involving cryptocurrency and national security at the Department of Justice and U.S. Department of the Treasury. In this episode, Ari and Lee break down President Biden’s executive order on cryptocurrency. Ari Redbord’s Twitter: @ARedbord TRM Labs Twitter: @TRMLabs Lee’s Twitter: @leereiners GFMC Twitter: @DukeGFMC Related Links *Executive Order on Ensuring Responsible Development of Digital Assets* *FACT SHEET: President Biden to Sign Executive Order on Ensuring Responsible Development of Digital Assets* *Background Press Call by Senior Administration Officials on the President’s New Digital Assets Executive Order*
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The Problem with Carbon Offsets
03/02/2022
The Problem with Carbon Offsets
Barbara Haya directs the . Barbara joins Lee to explain what carbon offsets are and the considerations that must be addressed to ensure that offset credits entering into commerce reflect real, verifiable reductions in greenhouse gas emissions. Specifically, Barbara details why most offset programs issue more credits than they should, and recent policy efforts to bring greater integrity to the voluntary offset market. Barbara’s Twitter: @Barbara_Haya GFMC’s Twitter: @DukeGFMC Lee’s Twitter: @leereiners Related Links: *POLICY BRIEF: The California Air Resources Board’s U.S. Forest offset protocol underestimates leakage* by Barbara Haya * Measuring Emissions Against an Alternative Future: Fundamental Flaws in the Structure of the Kyoto Protocol’s Clean Development Mechanism* by Barbara Haya Barbara Haya directs the . Barbara joins Lee to explain what carbon offsets are and the considerations that must be addressed to ensure that offset credits entering into commerce reflect real, verifiable reductions in greenhouse gas emissions. Specifically, Barbara details why most offset programs issue more credits than they should, and recent policy efforts to bring greater integrity to the voluntary offset market. Barbara’s Twitter: @Barbara_Haya GFMC’s Twitter: @DukeGFMC Lee’s Twitter: @leereiners Related Links: *POLICY BRIEF: The California Air Resources Board’s U.S. Forest offset protocol underestimates leakage* by Barbara Haya * Measuring Emissions Against an Alternative Future: Fundamental Flaws in the Structure of the Kyoto Protocol’s Clean Development Mechanism* by Barbara Haya
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A Fresh Look at Bank Mergers
02/22/2022
A Fresh Look at Bank Mergers
Jeremy Kress is Assistant Professor of Business Law at Michigan Ross and Co-Faculty Director of the University of Michigan’s Center on Finance, Law & Policy. Jeremy joins Lee to discuss how policymakers’ long-standing approach to bank antitrust—premised on consumer welfare—has reduced the cost and availability of basic financial services and ignores numerous non-price harms stemming from bank consolidation. Jeremy details how the Chicago school of antitrust and its focus on consumer welfare came to dominate bank merger review, the impact of fintech on bank competition, and recent policy actions that foreshadow a more stringent review of bank mergers going forward. Jeremy’s Twitter: @Jeremy_Kress GFMC’s Twitter: @DukeGFMC Lee’s Twitter: @leereiners Related Links: * Modernizing Bank Merger Review* by Jeremy Kress * Reviving Bank Antitrust * by Jeremy Kress * Executive Order on Promoting Competition in the American* * Antitrust Division Seeks Additional Public Comments on Bank Merger Competitive Analysis* U.S. Department of Justice * Request for Public Comment on the Bank Merger Act* Joint Statement of Martin J. Gruenberg and Rohit Chopra, Members, FDIC Board of Directors
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Beware the Crypto Mayor
02/14/2022
Beware the Crypto Mayor
Mike Bloomberg is the Public Infrastructure Fellow at the NewCities Foundation and a Visiting Researcher with the Urban Tech Hub at Cornell Tech. In this episode, he examines the dark side of U.S. cities embracing cryptocurrency. Mike and Lee discuss how MiamiCoin and NYC Coin actually work, the nebulous legal relationship between these coins and the cities of Miami and New York, and why anyone would bother purchasing or mining these coins. They also discuss the legal and regulatory risks mayors are taking on by embracing crypto. Mike’s Twitter: @BloombergME GFMC’s Twitter: @DukeGFMC Lee’s Twitter: @leereiners Related Links: CityCoins Website: *Money for nothing: Cities’ crypto push draws fans, critics* Associated Press:
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Get to Know the PCAOB
02/08/2022
Get to Know the PCAOB
Jay Brown and Kathleen Hamm are former board members of the Public Company Accounting Oversight Board, or PCAOB. Jay and Kathleen join Lee to discuss the origins of the PCAOB and the ongoing challenges the agency faces. Specifically, they discuss the role of auditors in overseeing non-financial reporting such as ESG disclosure, the difficulty in getting US-listed Chinese companies to comply with American auditing standards, and whether PCAOB standards adequately reflect the risks of a cyber incident at issuers or at the auditors themselves. Jay’s Profile: Kathleen’s Profile: GFMC’s Twitter: @DukeGFMC Lee’s Twitter: @leereiners
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U.S. Central Bank Digital Currency
02/01/2022
U.S. Central Bank Digital Currency
On January 20th, the Federal Reserve released a discussion paper that examines the pros and cons of a potential U.S. central bank digital currency, or CBDC. In this episode, Marcelo Prates joins Lee to breakdown the paper’s findings and the future of CBDCs in the U.S. and elsewhere. Marcelo is a lawyer at the Central Bank of Brazil and a columnist at cryptocurrency news site, Coindesk. Marcelo’s Twitter: @MarceloMPrates Related Links: *Money and Payments: The U.S. Dollar in the Age of Digital Transformation*, the Federal Reserve Board. *No Reason to Fear Central Bank Digital Currencies* by Marcelo Prates * Legal troubles may delay CBDCs* by Marcelo Prates *CBDC: A Solution in Search of a Problem?* by Federal Reserve Board Governor Christopher Waller
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Regulating Stablecoins
01/26/2022
Regulating Stablecoins
Art Wilmarth is Professor Emeritus at The George Washington University Law School. In this episode, Art discusses his new paper, “It’s Time to Regulate Stablecoins as Deposits and Require Their Issuers to Be FDIC-Insured Banks.” Specifically, Art explains why he believes that stablecoin issuers and distributors should be required to become FDIC-insured banks and the other steps he would like to see financial regulators take in the interim, including having the SEC use its existing authority to regulate stablecoins as “securities” and having the Department of Justice designate stablecoins as “deposits” and bring enforcement actions to prevent issuers and distributors of stablecoins from unlawfully receiving “deposits” in violation of Section 21(a) of the Glass-Steagall Act. Related Links: Art’s profile: It’s Time to Regulate Stablecoins as Deposits and Require Their Issuers to Be FDIC-Insured Banks: President’s Working Group on Financial Markets Report on Stablecoins:
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Driverless Finance
01/21/2022
Driverless Finance
Hilary Allen is a professor of law at the American University Washington College of Law and author of “Driverless Finance: Fintech’s Impact on Financial Stability.” In this episode, Hilary discusses the financial stability risks associated with the rise of crypto-assets, fintech payments, and machine learning; and why she believes regulators should be guided by the precautionary principle in addressing these risks. Hilary’s Profile: Hilary’s Twitter: @ProfHilaryAllen GFMC’s Twitter: @DukeGFMC Lee’s Twitter: @leereiners Related Links: by Hilary Allen
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Stealing Identity From the Poor
01/14/2022
Stealing Identity From the Poor
In this episode, Sara discusses her recent paper “Stealing (Identity) From the Poor.” Sara discusses why low-income individuals are particularly vulnerable to identity theft, why the existing regulatory regime around data breaches ignores the unique needs and circumstances of the poor, and how she would transform this regulatory regime by creating a new federal agency with field offices in all fifty states.
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Cryptocurrency 2021 Year in Review
01/03/2022
Cryptocurrency 2021 Year in Review
In this special look-back episode, Tim Swanson breaks down major developments in the cryptocurrency market in 2021. Tim is head of market intelligence at London-based blockchain company Clearmatics and is the founder and director of research at tech advisory firm Post Oak Labs.
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Fixing Non-Bank Financial Intermediation
12/01/2021
Fixing Non-Bank Financial Intermediation
Costas Stephanou and Matteo Aquilina from the Financial Stability Board (FSB) discuss the fragilities in the non-bank financial intermediation sector that were revealed in March 2020 with the onset of the COVID-19 pandemic and the work of the FSB to address these risks. Non-bank financial intermediaries include money market mutual funds, other open-ended funds, asset managers, non-bank corporate bond dealers, and derivatives central counterparties.
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CryptoDad’s Fight for the Future of Money
11/15/2021
CryptoDad’s Fight for the Future of Money
Chris Giancarlo served as the thirteenth Chairman of the U.S. Commodity Futures Trading Commission. While leading the CFTC, Chris earned the nickname “CryptoDad” for his call on Congress to respect a new generation’s interest in cryptocurrency, an experience he details in his excellent new book “CryptoDad: The Fight for the Future of Money.” Chris is also the co-founder of the digital dollar project, which promotes research into a US central bank digital currency.
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Climate Stress Testing at the ECB
11/12/2021
Climate Stress Testing at the ECB
Laura Parisi is team lead at the European Central Bank Climate Change Center and Spyros Alogoskoufis is a financial stability and stress test expert at the European Central Bank. Together, they spearheaded the ECB’s economy-wide climate stress test which was released in September. The exercise tested the impact of climate change on more than four million firms worldwide and 1,600 Euro-area banks under three different climate policy scenarios.
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