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FinRegRant #9: Hoenig on Bank Supervision

Jan 7, 2025 | finregrag.com | Stephen MIller |Stephen Miller

Note: While transcripts are lightly edited for clarity, they are not rigorously proofed for accuracy. If you notice an error, please reach out to [email protected] Miller: Welcome to a special episode of FinRegRant, the audio companion to our FinRegRag blog post series. I'm Steph Miller, a senior research fellow at Mercatus.
Why Risk-Weighted Capital Regulation Misleads

Sep 26, 2024 | finregrag.com | Stephen MIller |Stephen Miller

As the controversy over Basel III Endgame continues, an often overlooked point concerns how risk-weighted capital misleads about the adequacy of bank capital, by which we mean banks having enough investor provided, non-run prone funding to keep default at bay. Regulation has for decades referenced these manufactured measures of capital adequacy that have little to do with bank funding. They have not reduced financial instability or American taxpayer losses.
From the Fed’s Corridor to the Floor Operating System... & Back?

Sep 3, 2024 | finregrag.com | Stephen MIller |Stephen Miller

In this three-part blogpost mini-series, I’ll discuss the Federal Reserve’s (Fed’s) past and current operating system for the conduct of monetary policy and simple ways to reform it; my discussion will also highlight how bank capital requirements distort bank balance sheets.
Instead of Limiting Mergers Based on the Number of Banks and Concentration, Limit Mergers Based on Insufficient Capital

Jun 14, 2024 | mercatus.org | Stephen MIller |Stephen Miller

I appreciate the opportunity to comment on the initiative of the Federal Deposit Insurance Corporation (FDIC) to receive input concerning the Statement of Policy (SOP) on Bank Merger Transactions. I am a senior research fellow at the Mercatus Center at George Mason University, and my comments reflect my own views and do not represent those of any party or special interest group.
A Simpler Way to Clawback and RECOUP Losses

May 16, 2024 | finregrag.com | Stephen MIller |Stephen Miller

[Note, after publishing this post I corrected a typo and elaborated on how the EDGE database could be used to create synthetic unlimited liability for executive shares compensation.]Toward the end of my previous blogpost, I mentioned how the EDGE database could be used as an input to estimate “Synthetic Unlimited Liability” penalties for executives of distressed corporations, which rather than going through bankruptcy proceedings, impose costs on taxpayers.
Having an EDGE on the Bailout/Too Big to Fail Problem

May 14, 2024 | finregrag.com | Stephen MIller |Stephen Miller

I recently wrote an op ed about the “Estimated Debt Guarantee Expenses” or “EDGE” database that I created, which provides quarterly estimates since 1971 of what it might have cost to guarantee debt for all available publicly traded corporations over the next year. I’m not suggesting policy-makers should guarantee that debt, but having estimates of the potential dollar cost of bailouts handy might be of service to policymakers during periods of greater financial distress.
The next bank bailout’s true costs may not be such a mystery

Apr 19, 2024 | thehill.com | Stephen MIller |Stephen Miller

During the 2008 financial crisis, interim Assistant Secretary of the Treasury for Financial Stability Neel Kashkari — who oversaw the Troubled Asset Relief Program — reportedly asked about a trillion-dollar rescue package to prop up distressed corporations. “We’ll get killed,” said Treasury Secretary Henry Paulson.
How Much Would It Cost to Guarantee Debt for All Publicly Traded US Corporations?

Apr 18, 2024 | mercatus.org | Stephen MIller |Stephen Miller

When banks and other large corporations experience distress, the government may decide to assist them through debt guarantees and similar measures to protect them from default and the need to go through bankruptcy proceedings. What are the costs of such government debt guarantees?