BREAKING: After passing the Fed's stress test, JPMorgan announces $50 billion in new lending to underserved communities. LOL, just kidding. Of course they didn't. They're doing $50 billion in share buybacks instead. wsj.com/finance/bankin…

"A real-world financial shock does not provide big banks with a heads-up and advanced certainty on losses--and nor should the stress tests."--Elizabeth Warren americanbanker.com/news/exclusive…

Steve Cecchetti, Kim Schoenholtz, and I wrote a Basel Endgame retrospective, now out in NBER. TLDR: There are compelling reasons to increase bank capital. But at a minimum, the U.S. must implement Basel standards, even if in a capital-neutral way. nber.org/papers/w33982

Bank industry opponents killed US regulators' 2023 "Basel Endgame" proposal that aimed to meet international standards and raise capital requirements. These two goals are separable, from Stephen G. Cecchetti, Jeremy C. Kress, and CecchettiSchoenholtz nber.org/papers/w33982

The legacy of Biden's bank regulators would've been a lot different were it not for Republicans' vile smear campaign against Saule Omarova.

Big banks are trying to improve their image by … [checks notes] … hiring an oil lobbyist. 🧐

The leverage ratio proposal was published in the Federal Register today. That leaves 47 days for comments, less than half of the 120 days the agencies allotted (at the banking lobby's demand) for the Basel Endgame proposal in 2023. federalregister.gov/documents/2025…

As I noted a couple months ago, reforming the Administrative Procedure Act is one of the best things we can do at the federal level to make government faster and more responsive. x.com/BharatRamamurt…

Governor Barr's dissent correctly notes that today's proposal to weaken the supervisory ratings framework is blatantly inconsistent with the law. The majority, of course, does not seem to care. federalreserve.gov/newsevents/pre…

I am no Powell defender, and the renovation controversy is pretty clearly manufactured faux outrage. In any event, even if there were legit questions about mismanagement, shouldn’t they be directed in the first instance to Phillip Jefferson, oversight Governor for the Fed’s COO?

Given that all of Acting Chair Hill’s initiatives are being pushed through with no Democrats on the FDIC Board, I suspect very few of them will prove to be durable.

I am by no means a Powell supporter, but this manufactured controversy over renovations is absurd. Powell won't benefit from renovating Eccles - he'll likely be gone before it's finished. If anything, moving to temporary space during construction has inconvenienced him.

If district court Judge Matthew Kacsmaryk ruled that the President has authority to fire Jay Powell, you can bet the Fed would fight it with everything it has. But when Kacsmaryk strikes down a rule promoting low-income lending, the Fed rolls over and plays dead...

JPMorgan added the equivalent of another First Republic Bank (~$200B in assets) in just the past three months. We would not allow JPM to acquire Fifth Third or M&T (other ~$200B banks). So why do we tolerate JPM's explosive organic growth?

“The regulator’s job is to ensure the safety and stability of the financial system, not help the government fund its deficits.” Amen, ⁦Sheila Bair⁩! on.ft.com/46PgUKD