Senior Advisor, @FDICgov. Former director at the Yale Program on Financial Stability. Still an academic at parties.
Joined March 2019
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4 Mar 2025
New paper: "Rushing to Judgement and the Banking Crisis of 2023"
At the two-year anniversary of the crisis, @thejonrose and I present 7 facts that are overlooked in the standard account of the crisis: chicagofed.org/publications/…
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"Over the last 3 years, there have been 3 failures in which uninsured depositors took losses. [...] Choosing transactions that covered uninsured deposits at all of those three small banks would have cost less than .05% of the cost" of doing so for SVB.
fdic.gov/news/speeches/2026/…
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More FDIC Chair Hill: A de minimis exception to the least-cost test "would help mitigate the perception of a two-tier deposit insurance regime, where uninsured depositors take losses at small banks but not large banks"
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Bro had the Depression figured out 30 years before Friedman & Schwartz and 50 years before Bernanke
🎥: “American Madness” (1932)
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Proper bank run in this movie too. A shame that “It’s A Wonderful Life” is usually the go-to reference—not least because George Bailey’s firm was a building and loan association, not a bank, and thus had no demand deposits:
stlouisfed.org/open-vault/20…
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Seriously this movie needs to be in the mix of popular banking/finance/crisis movies
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Alternatively, just say “two.”
Financial writing is replete with “more than half a dozen” (seven), “nearly all ten” (eight? nine?), etc.
If it’s countable, just say the number.
Jun 1
The new AP Stylebook, 58th Edition, includes an entry for couple of, which clarifies that it always means two.
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If 48 were surveyed, say the number that responded x.
“Nearly two thirds of respondents” is for when 16,784 are surveyed
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May 20
Winters’s presentation “said AI can reduce the manual work involved in making sure the bank abides by changing regulations—a mammoth task for financial institutions since the 2008-9 crisis.”
May 20
Standard Chartered’s CEO touched a nerve when he said his bank would replace “lower-value human capital” with artificial intelligence on.wsj.com/4eToM1Z
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May 20
“A few participants commented on the possibility that the Committee could consider extending the terms of swap lines beyond one year, noting that a longer extension would be beneficial for financial stability.”
May 20
We have posted the minutes from the #FOMC meeting held April 28-29, 2026: federalreserve.gov/newsevent…
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May 14
“Many primary dealers indicated […] their willingness to use SRPs would increase meaningfully if SRP transactions were centrally cleared.
Respondents also noted that the legally required two-year lagged public disclosure of SRP transactions was a strongly discouraging factor.”
May 14
Today's article highlights results from a recent Desk survey of primary dealers and the Fed’s Senior Financial Officer Survey. The results suggest SRP counterparties willingness to use SRPs has improved recently in response to operational changes and Fed communications. nyfed.org/4dIzDKX
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Steven Kelly retweeted
May 14
For researchers interested in U.S. banking and finance, we are sharing a new data resource!
It contains information on bank balance sheets, bank runs, and bank failures from the 19th century to the present:
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May 14
FDIC staff have painstakingly reconstructed the daily deposit outflow data for the runs on SVB, Signature, and First Republic.
Great insights from my colleagues here: fdic.gov/center-financial-re…
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May 13
“I lost a lot of cushions — there is no fudging,” said Sandy Kaul, head of innovation at investment giant Franklin Templeton. “It’s written into the code. I can’t call someone up and say I need five more minutes.”
May 12
JPMorgan and other big Wall Street firms are using crypto's underlying technology to transform a key corner of the financial market. (No, not stocks)
I encourage you to click this link and enjoy a session of hypnoblockchaining through the lead graphic.
bloomberg.com/news/features/…
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May 11
Here’s how one former bank employee managed to help the FDIC repo a jet in 1976:
“I’m not really with the Kingston Trio. I’m with the FDIC.”
May 11
Spirit’s collapse left dozens of bright yellow jets scattered around the country. Picking them up is the job of repo men with a special set of skills. on.wsj.com/3RybbTS
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Me when somewhere that serves espresso says they can't do an americano:
youtube.com/watch?v=hdIXrF34…
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Apr 28
“some of the funds have opted to sell bonds with shorter maturities to help alleviate their interest burdens”
Apr 21
Private credit funds strained as borrowing costs edge higher ft.com/content/47606fe2-108e… via @ft
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Steven Kelly retweeted
I'm very excited to announce the September 8 publication of my new book about Leon Black and @apolloglobal. Only three years in the making and it's a barn burner, with a variety of on-the-record interviews with all the principals and more. I hope you will enjoy!
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Apr 18
Great New York Fed survey article from Sergio Correia, Stephan Luck, and @EmilVerner, who are on an absolute tear of great research:
“Bank Failures: The Roles of Solvency and Liquidity”
libertystreeteconomics.newyo…
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