David Zaring

Professor at Wharton. Financial regulation, administrative law.

[David Zaring @ZaringDavid]

Collective bargaining without unionization, brought to you by the most anticipated start-ups in Silicon Valley. https://t.co/OOiLVRhKyo

[David Zaring @ZaringDavid]

@StevenKelly49 Do you know why the Fed wasn’t on that one? It seems to agree w the approach.

[David Zaring @ZaringDavid]

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

[David Zaring @ZaringDavid]

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. https://t.co/Hpfh81wBmA

[David Zaring @ZaringDavid]

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. https://t.co/krQc6lLvVP

[David Zaring @ZaringDavid]

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.

[Mike Selig @ChairmanSelig]

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 👇

[David Zaring @ZaringDavid]

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.

[European Central Bank @ecb]

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.

https://t.co/8Li4mA2AXy

[David Zaring @ZaringDavid]

@KimKrawiec Gotta train myself up? Getting old for this tho

[David Zaring @ZaringDavid]

You can consume on audio or video! I’ve more got a face for audio though

[Macro Musings @Macro_Musings]

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.

https://t.co/vSc9EZGk2N

[David Zaring @ZaringDavid]

Running out of things to do on a rainy Memorial Day weekend? I got you covered.

[David Beckworth @DavidBeckworth]

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)
https://t.co/7Z436mxazA

[David Zaring @ZaringDavid]

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. https://t.co/ps8oOm6fFA

[David Zaring @ZaringDavid]

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 https://t.co/UkCdlDmZ9G

[David Zaring @ZaringDavid]

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

[David Zaring @ZaringDavid]

@Jeremy_Kress Yeah. The Treasury is gonna issue a directive but the subject agencies are indies

[David Zaring @ZaringDavid]

This executive order, directing banks to do immigration enforcement, has MQD and "is this really what the Bank Secrecy Act was about?" issues, but it explicitly directs the independent financial regulators to do something for the executive, that's new. https://t.co/O17Ze0eH53

[David Zaring @ZaringDavid]

Of course, the trust charter has been around for centuries, so it isn't novel, though the fintech use of the charter clearly is. 2/2 https://t.co/ZL6iqC0nSE

[David Zaring @ZaringDavid]

The trust charter is a skinny charter of the kind in vogue these days - it's a deposit only charter that promises access to the Fed's payment rails. 11 fintechs have received one since December 2025 (that's the end of the Biden administration). Skinny charters on the march! 1/2

[David Zaring @ZaringDavid]

@jadler1969 Interested to hear what you think!

[David Zaring @ZaringDavid]

My paper on last term's blow to the nondelegation doctrine is up on SSRN, and you should download it. Also addressed: of the 100 appeals that most discuss Kisor, the deference to agency regs case, 73 found for the agency, and 59 concerned crim/sentencing. https://t.co/6pdcVE1aJA