New York’s Bank: The National Monetary Commission and the Founding of the Fed

Legislation calling for the establishment of a Centennial Monetary Commission “to examine the United States monetary policy, evaluate alternative monetary regimes, and recommend a course for monetary policy going forward,” was introduced in both the House and the Senate in 2015. Prompted by the subprime financial crisis, and particularly by a belief that the crisis revealed significant shortcomings of the Federal Reserve System, the Centennial Monetary Commission plan draws inspiration from the National Monetary Commission convened over a century ago. In a new paper, Cato scholar George Selgin reviews the earlier Monetary Commission’s origins, organization, and shortcomings, in order to suggest how a new commission might improve upon it.

A Walk Through the JOBS Act of 2012: Deregulation in the Wake of Financial Crisis

Unexpectedly, in 2011, Congress passed the Jumpstart Our Business Start-ups Act, or JOBS Act of 2012. The legislation rolled back regulations on the financial sector, with the aim of making it easier for small businesses to access capital. New Internet based funding vehicles, such as crowdfunding, helped small businesses overcome hurdles, leaving regulations as the major obstacle. But while the JOBS Act has done some good, it is not perfect. In a new policy analysis, Cato scholar Thaya Brook Knight examines the JOBS Act and if it can serve as a template for future reform.

Cato Studies

Of Special Note

A Walk Through the JOBS Act of 2012: Deregulation in the Wake of Financial Crisis

A Walk Through the JOBS Act of 2012: Deregulation in the Wake of Financial Crisis

In 2011, on the heels of the Dodd-Frank Act, Congress unexpectedly passed legislation that rolled back financial regulations. The legislation, the Jumpstart Our Business Start-ups Act, or JOBS Act of 2012, aims to help small businesses access capital by lowering barriers in several areas of the securities laws. While larger businesses can turn to capital markets to raise funds, small businesses rely more on community banks, which have been disappearing. Yet, although the JOBS Act has taken important strides toward beneficial deregulation, more work remains to be done.

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Multimedia

2016 Hayek Lecture

George Selgin gave the Institute of Economic Affairs 2016 Hayek Lecture, discussing the history of free banking systems that achieved financial and price stability.

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Educational Programs

EconTalk LIVE: David Beckworth on Monetary Policy and the Great Recession

The Cato Institute’s Center for Monetary and Financial Alternatives is pleased to announce another installment of its “live” edition of EconTalk. Join Russ Roberts as he interviews David Beckworth on the part that the Federal Reserve and other central banks played (and the part they ought to have played) in the Great Recession.

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Monetary Rules for a Post-Crisis World

Monetary Rules for a Post-Crisis World

Central banks’ part in the Great Recession, and the lackluster recovery since, are reviving interest in monetary rules and raising crucial questions. Could the Fed have performed better if they had adhered to a monetary rule? Could rules have avoided the financial crisis, or future ones? If so, which rules work best? The Cato Institute’s Center for Monetary and Financial Alternatives will team up with the Mercatus Center at George Mason University to host a day-long academic conference exploring these pressing questions about monetary policy rules for a post-crisis world.