Lev Menand

Associate Professor @ColumbiaLaw. Financial institutions, legislation and regulation, central banking, public utilities.

[Lev Menand @LevMenand]

I assess this rationale in the essay available here:
https://t.co/kqat47LuaA

[Lev Menand @LevMenand]

I've written a response to the Supreme Court's latest ruling on Fed independence:
https://t.co/kqat47LuaA

[Lev Menand @LevMenand]

The problem is its reasoning makes no sense. It says:
"The Federal Reserve is a uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States.”

[David Beckworth @DavidBeckworth]

Great show this week with @LevMenand & Josh Younger who discuss how Treasury market liquidity is a policy choice! They have a new paper covering the legislative and regulatory history that have led to the current fragility in Treasury markets. (1/5)
https://t.co/4SA0AeSpSH

[Elizabeth Warren @SenWarren]

15 years after the financial crisis, Wall Street banks are bigger than ever and still depend on taxpayer bailouts to avoid an economic meltdown.

Powerfully important op-ed by @LevMenand & @MorganRicks1 on structural changes to end Too Big to Fail. https://t.co/4sCmgqwfXa

[Washington Post Opinions @PostOpinions]

"It’s time to separate depository banks from other financial businesses and treat them as public utilities," @LevMenand and @MorganRicks1 write in a guest opinion. https://t.co/sOLlXfoWOm

[Adam Tooze @adam_tooze]

Making & remaking the most important market in the world. Or why everyone should read Menand and Younger on Treasuries.
Chartbook Newsletter 238 just dropped.
Check it out and sign up for more: https://t.co/ROJ98SVeQD

[Adam Tooze @adam_tooze]

The four historical phases of the US Treasury market.
Chartbook 238 summarizes the fantastic paper by Menand and Younger on the world's most important market.
Check it out and sign up here:
https://t.co/7yYep71LyI

[Lina Khan @linamkhan]

1. On this Labor Day, a reminder that @FTC is committed to protecting all Americans—including workers—from unfair methods of competition & unfair or deceptive practices.

Our proposal to ban noncompetes could raise workers' earnings by up to $300 billion.
https://t.co/Wt7dDkMsCn

[alexandra scaggs @alexandrascaggs]

Click for the meme

Stay for the excellent paper from @LevMenand and Josh Younger

https://t.co/4ViKSFZSX8

[Nathan FOIA Tankus @NathanTankus]

Starting to get annoyed with people describing the 2010s as the "low interest years" rather than "the depression years" or "the stagnation years". It's a right wing framing. If the 1930s years were described as the "low rates years" the U.S. would have been a far worse place

[Lev Menand @LevMenand]

Great overview of the deposit insurance reform debate! 👇

[Emily DiVito @EmDiVito]

Inspired by this year's banking crises (and all the twitter content that followed), I wrote about the emergent range of deposit insurance reforms for @rooseveltinst

https://t.co/3Bv1b3ltzI

[Lev Menand @LevMenand]

@superwuster Some grist for the mill: Riegle-Neal (1994), Gramm Leach Bliley (1999), NationsBank v. VALIC, contrariwise Federal Deposit Insurance Act (1933/35), Federal Reserve Act of 1913

[Nathan FOIA Tankus @NathanTankus]

Back from conferencing, I have a fresh piece on the deeper systemic consequences of the cap on deposit insurance through the lens of rereading the deeply insightful work of UBS-Credit Suisse's Zoltan Pozsar.

https://t.co/jcDYas7gyK

[Roosevelt Institute @rooseveltinst]

Providing all Americans with a public banking option—namely FedAccounts—would allow universal access to a free, safe, and reliable place to hold and manage your money. https://t.co/gxdt8FgWyA

[Lev Menand @LevMenand]

@ProfKateJudge @mikeheld5 @StevenKelly49 @PeterContiBrown @DavidBeckworth @BPi @bankpolicy @KalebNygaard @_MacroMusings Interest rate is lower

[Lev Menand @LevMenand]

With the potential to revise and go to 2 or 3 years if IR differential becomes meaningful.

[Lev Menand @LevMenand]

Why 13-3 to lend to banks? My guess is its about the 1 year term which allows for a lower interest rate than on DW loans (which are max 4 mos). Terming out funding *helps* banks when the yield curve is negative sloping.

[Michael Held @mikeheld5]

@StevenKelly49 @ProfKateJudge @PeterContiBrown @DavidBeckworth @BPi @bankpolicy @KalebNygaard Not also that there are limitations in 10B - lending max is 4 mos, and for undercapitalized institutions it’s 60 days. That could be the 13(3) flexibility that Powell was referencing…