Banking Regulation, Economic History, Economic Thought, Money & Politics, News, The Fed & Central Banks
In Defense of Bank Deposits: An Open Letter to Professor Omarova
George Selgin/ October 12, 2021 January 21, 2023
Saule Omarova Beth and Marc Goldberg Professor of Law Cornell Law School Ithaca, NY Dear Professor Omarova, As you probably know, I'm among the critics of the plan for "democratizing money" that you outline in your forthcoming Vanderbilt Law Review article. I disagree with it enough to…
Banking Regulation, Financial Innovation, Financial Markets, News
More Evidence that the CRA Doesn't Always Help Low-Income Communities. But Proposed Changes Will Improve It.
Diego Zuluaga/ January 28, 2020 June 19, 2022
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…