Under the radar

The Federal Reserve Bank is not my area of expertise.  I also never see any mention of it on MSNBC or CNN.  I know enough about it, however, to understand it can make or break our economy.

The Vice Chairman for supervision and regulation is Randal K. Quarles.  He has held the job for 21 months.  In that time he has met at least 22 times with partners at his former law firm, which represents many of the nation’s largest banks.  He’s met with Republican Senators 29 times.  He’s met with Goldman Sachs representatives 23 times.

And he is weakening the rules that govern banks.  As Elizabeth Warren, who does understand this stuff, said, “His motto seems to be: Whatever the big banks want, give it to ‘em.”  

So, no big headlines.  Hardly any reporting.  Just a steady drip drip drip erosion of the rules that were put in place to protect us.

See Jeanna Smialek, “He Is Easing Bank Rules, One Detail at a Time,”  New York Times, (Nov. 29, 2019), p. B1, B3.