Lightnews — Scholar-powered news

Jeremy Kress @jeremykress.bsky.social · 2d

All of these Domestic Systemically Important Bank mergers might be less objectionable if regulators had done *literally anything* to improve DSIB regulation in the aftermath of March 2023.

Reuters @reuters.com · 2d

Fifth Third to buy Comerica in $10.9 billion deal reut.rs/48mFBPH

Fifth Third to buy Comerica in $10.9 billion deal

Fifth Third said on Monday it will buy regional lender Comerica in a deal valued at $10.9 billion.

reut.rs

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Jeremy Kress @jeremykress.bsky.social · 14d

Important story about what we lose when a handful of behemoths dominate the banking system.

“We don’t talk much about small businesses with enduring financial needs that have been forced into shotgun weddings with soulless institutions that are disinterested in their futures.”

David Dayen @ddayen.bsky.social · 14d

Half of all companies in the US use big banks as their primary financial services provider. I document two cases where small businesses were ruined by their big bank. The loss of relationship lending has a cost. 🧵
prospect.org/economy/2025...

Big Banks Behaving Badly

Decades of consolidation have made large financial institutions the primary partners for small businesses. Two case studies show how this can go awry.

prospect.org

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Reposted by Jeremy Kress

graham steele @grahamsteele.bsky.social · 15d

With the US potentially coming to Argentina's financial rescue, I'm sharing my new paper on "Financial Statecraft."

It critiques the government's deployment of the banking system for geopolitical purposes and proposes reforms to rebalance public and private power.
papers.ssrn.com/sol3/papers....

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Reposted by Jeremy Kress

Better Markets @bettermarkets.bsky.social · 19d

Kate Judge, Co-Chair, Better Markets Academic Advisory Board & Columbia Law Prof. joins @jeremykress.bsky.social, Assoc. Professor U-M Business and Co-Faculty Dir. U-M Ctr on Finance, Law & Policy; @skandaamarnath.bsky.social, Exec. Dir. @employamerica.bsky.social to discuss what's next for the Fed.

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Jeremy Kress @jeremykress.bsky.social · 21d

May help explain why Bessent threatened to punch Pulte “in his fucking face”?

Carl Quintanilla @carlquintanilla.bsky.social · 21d

(Bloomberg) - US Treasury Secretary Scott Bessent once agreed to occupy two different houses as his “principal residence” at the same time, mortgage documents show — the same kind of contradictory pledges that .. Trump has been using to try to oust .. Lisa Cook.

www.bloomberg.com/news/article...

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Jeremy Kress @jeremykress.bsky.social · 22d

Looking forward to speaking at this event on Friday, where I will try to answer the question, "What's Next for the Federal Reserve?" 👇

Better Markets @bettermarkets.bsky.social · 22d

This week! Join us on Friday, September 19 for the State of Economic & Financial Policymaking Conference, hosted by our Academic Advisory Board—bold ideas, expert panels. bettermarkets.org/analysis/bet...

Jeremy Kress @jeremykress.bsky.social · 23d

The story tonight is not that Gov. Cook gets to vote this week.

The Katsas dissent is *the* story.

That the only Trump-appointed judge to opine on this case would effectively eliminate Fed independence is an ominous sign for what SCOTUS may ultimately do…

Kyle Cheney @kyledcheney.bsky.social · 23d

BREAKING: The DC Circuit has *rejected* Trump's bid to fire Lisa Cook from the Fed board, allowing her to participate in tomorrow's interest-rate setting meeting.

Trump's last hope is a quick stay from SCOTUS. storage.courtlistener.com/recap/gov.us...

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Jeremy Kress @jeremykress.bsky.social · 26d

I was delighted to contribute to the Yale JREG symposium on @seanvanatta.bsky.social and @petercontibrown.bsky.social's excellent new book.

My essay examines what the book can teach us about efforts to eliminate management ratings from the supervisory toolkit.
www.yalejreg.com/nc/in-defens...

www.yalejreg.com

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Jeremy Kress @jeremykress.bsky.social · 26d

Nobel laureate Peter Diamond's Fed nomination languished in the Senate for more than a year.

Stephan Miran is going to get confirmed in less than two weeks.

Senate Press Gallery @senatepress.bsky.social · 27d

ML Thune filed cloture Executive Calendar #366, Stephan Miran, of New York, to be a member of the Board of Governors for the Federal Reserve System.

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Jeremy Kress @jeremykress.bsky.social · 28d

Today, the FSOC cut its own budget by >30%.

The FSOC is funded through fees paid by large financial institutions, so this saves taxpayers $0.

home.treasury.gov/policy-issue...

Jeremy Kress @jeremykress.bsky.social · 28d

I am very much done with the histrionics about *Biden* politicizing the Fed.

Michael McKee @mckonomy.bsky.social · 28d

Senate Banking approves Miran nomination on party line vote, 13-11. Now goes to the floor. @bloomberg.com reporting a likely confirmation vote on Monday. FOMC meeting begins Tuesday.

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Jeremy Kress @jeremykress.bsky.social · 29d

Judge to Trump: Either prosecute and convict Gov. Cook or GTFO.

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Jeremy Kress @jeremykress.bsky.social · Sep 8

People who rent out dubiously mortgaged houses shouldn’t throw stones.

Michael Derby @michaelsderby.bsky.social · Sep 8

Fed gov. nominee Miran notes in new disclosure form a property he mortgaged in 2022 is now an investment property/rental, document endnote says "previously reported as a mortgage on a primary residence; began renting out the property during the reporting period.”

Fed nominee Miran notes primary residence now used as rental property

President Donald Trump's nominee to the U.S. Federal Reserve Board of Governors, Stephen Miran, has a mortgage on a home formerly listed as his primary residence that he is now using as a rental property, according to his latest financial disclosure statement.

www.reuters.com

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Jeremy Kress @jeremykress.bsky.social · Sep 4

The ease with which the Senate Banking Committee let Stephan Miran disown his past writings contrasts sharply with how they forced Saule Omarova to defend mischaracterization of her scholarship just four years ago.

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Jeremy Kress @jeremykress.bsky.social · Aug 27

By my count, a solid majority of the comment letters on the banking agencies' supplementary leverage ratio proposal oppose the rule.

Definitely inconsistent with Powell's standard that final rules should have "broad support among the broader community of commenters on all sides."

Jeremy Kress @jeremykress.bsky.social · Aug 26

I’m starting to think the Fed appeasing Trump at every step of the way was not the right move.

Acyn @acyn.bsky.social · Aug 26

Trump posts a letter stating that he is removing Fed Governor Lisa Cook

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Jeremy Kress @jeremykress.bsky.social · Aug 21

Full letter posted here: www.federalreserve.gov/apps/proposa...

www.federalreserve.gov

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Jeremy Kress @jeremykress.bsky.social · Aug 20

This week's grumpy comment letter is a big one: the enhanced supplementary leverage ratio.

Regulators want to cut big-bank capital requirements by $213B.

Decades from now, when we look back at all of Trump's bad banking rules, decent chance this one stands out as the worst.

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Jeremy Kress @jeremykress.bsky.social · Aug 20

💯

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Jeremy Kress @jeremykress.bsky.social · Aug 20

Killer kicker in this article:

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Jeremy Kress @jeremykress.bsky.social · Aug 18

Brad Lipton and @srf1802.bsky.social just wrote a really important piece about the weaponization of standing and venue that everyone should read.

I think I strained a muscle from rolling my eyes so hard after reading this quote.

www.californialawreview.org/online/rigge...

Jeremy Kress @jeremykress.bsky.social · Aug 11

Full letter here: www.federalreserve.gov/apps/proposa...

Stay tuned for next week’s angry comment letter on the supplementary leverage ratio.

www.federalreserve.gov

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Jeremy Kress @jeremykress.bsky.social · Aug 11

The Fed proposed another bad rule, so I wrote another grumpy comment letter.

Here’s my latest on the Fed’s grade inflation plan for big-bank supervisory ratings.

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Jeremy Kress @jeremykress.bsky.social · Aug 9

A pro-community bank agenda has to start with addressing large banks’ market power.

Instead, Bowman is enabling it.

Jeremy Kress @jeremykress.bsky.social · Aug 9

I don’t doubt VCS Bowman’s commitment to community banking issues.

But I call BS on her claim that the Fed is “prioritizing” them. Her rule proposals to date - e.g., weakening the SLR and LFI ratings - only benefit the very largest banks and exacerbate an unlevel playing field.

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