Professor at Wharton. Financial regulation, administrative law.
Joined January 2019
- Tweets 284
- Following 1,220
- Followers 2,384
- Likes 5,336
4 Photos and videos
Jun 13
When I saw the .7% figure, I thought misprint - investment banks push for 7% on most deals. But then I remembered that the huge ones, Facebook, Uber, had a 1% rake. So, lowest rake ever for SpaceX, and they still left money on the table. wsj.com/livecoverage/spacex-…
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Jun 12
I talked to Barron's about the current goings on in community banking. barrons.com/articles/communi…
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Jun 11
Not much of note in this financial data reporting rule, but lots of agencies behind it, the banking regulators, the capital markets regulators, and Treasury - that's a lot of parents! federalreserve.gov/newsevent…
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Jun 10
I honestly thought this was the point of the Pulte appointment. GOP doesn't like the DNI, Cotton has a bill to cap staff at 650, Russia, Russia, Russia, Gabbard was frozen out, looks to me like a bid to get rid. politico.com/news/2026/06/09…
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Jun 9
Banks didn't use to sue their regulators, but that changed in 2024, and the trade group leader in suits since is the American Banker's Association - participated in six regulatory challenges, BPI in one, and ICBA in two. If you're searching for a client, I'd start with the ABA.
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Jun 8
Pretty interesting interview with a congressman who is so old school GOP that he a) was a community banker, b) has an MBA, and c) and yet was a political staffer for forever. Not the MAGA model. subscriber.politicopro.com/a…
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Jun 5
I think for a while the SEC was hoping that the 8th Circuit would simply rule that the Gensler climate rule exceeded its statutory authority. That's not happening, but this administration hasn't always bothered to go notice and comment when rescinding. subscriber.politicopro.com/a…
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Jun 4
Pretty rapid change, not exactly consistent with the "Yes, Prime Minister" story about bureaucratic resistance ... or with Sunstein-Nou takes on White Houses as convenors and meeting-holders
The Bowman/Guynn effect in two charts:
1. MRAs at large banks down ~40% in one year.
2. The proportion of large banks considered to be "well managed" more than doubled from 2022-23 to 2026.
This is what happens when you relax the grading curve.
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Jun 3
Collective bargaining without unionization, brought to you by the most anticipated start-ups in Silicon Valley. bloomberg.com/news/articles/…
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Jun 2
This weird notice about deleting references to "reputation risk" in I guess supervisory guidance - the documents that were amended did not accompany the notice - is a testament to the banking regulators' ability to make policy without doing notice and comment rulemaking. 1/2
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Jun 2
The notice is here, and the Fed, OCC, and FDIC are co-authors of it. 2/2 federalreserve.gov/newsevent…
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Jun 1
I'm not surprised that the banks think Coinbase setting up paycheck direct deposits is "audacious." I am surprised that they didn't mind when Walmart did it. walmartmoneycard.com/direct-…
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May 29
Getting rid of considerations of reputational risk when scrutinizing a bank balance sheet is fine. The effort to take subjectivity out of evaluating the management of a bank is an effort to take the discretion out of bank supervision, and I've got doubts. subscriber.politicopro.com/a…
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May 28
The CFTC, which doesn’t have the broad preemption authority or track record of the bank regulators, has been doing surprisingly well in these suits.
May 28
As I’ve said before, the @CFTC has the expertise and responsibility to defend its exclusive jurisdiction over commodity derivatives.
That's exactly what we've done today by demanding Rhode Island cease its attempts to preempt federal regulation of prediction markets.
🗞️ Read more 👇
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May 27
The conventional wisdom is that central banks should ignore shocks and respond to price level rises, and I guess the question is when one becomes the other.
May 26
Incoming data increasingly suggest that the energy price shock is feeding into broader inflation developments, Executive Board member @Isabel_Schnabel tells @Reuters. Given the size and persistence of the shock, looking through is no longer an option.
ecb.europa.eu/press/inter/da…
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May 26
You can consume on audio or video! I’ve more got a face for audio though
May 26
New episode! David Zaring on Skinny Charters and the Future of Banking
@ZaringDavid and @DavidBeckworth discuss the role the Great Financial Crises played in FinReg Scholarship, how he came up with the term “skinny” in the new skinny Fed Master Accounts, the tumultuous road of Custodia vs. the Fed, a reimagined way to look at Federal Bank Charters, whether commerce and banking are actually still separate, Fed independence and how it functions in a more corporatist model, and much more.
youtube.com/watch?v=vJQWbzOW…
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May 25
Running out of things to do on a rainy Memorial Day weekend? I got you covered.
May 25
Delighted to have @ZaringDavid join the show to discuss skinny Fed master accounts, the future of OCC trust charters, why financial regulation looks very different from the rest of the administrative state, and more! (1/2)
mercatus.org/macro-musings/d…
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May 22
The new "we're taking stakes" approach by the government could be about rescuing dying firms, or natsec, or something else, but it isn't obvious to me that announcing that the government is buying in would be a 12% increase in the share price. wsj.com/tech/quantum-computi…
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May 21
The CFTC executed an MOU with the NHL, signed by its commissioner (!), and very different from the other MOUs it executes. It does international MOUs all the time - 10 with British regulators in the last 20 years alone. And with US regulators, including a big one with the SEC.1/2
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May 21
The NHL MOU is about sharing information on manipulated prediction market bets, and fair enough. But I'm ready for a "law of MOUs" paper, they are how international regulatory cooperation gets done, and aren't reviewable in court. 2/2 cftc.gov/PressRoom/PressRele…
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