It’s difficult to outdo the crypto community when it comes to making bold quantitative claims that, stripped out of context, mislead the incautious. But Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco recently came close.
Thanks to COVID-19, most of the financial business in the United States that was previously being done on‐site is now being conducted virtually: financial markets are open, investment continues, and public companies continue to report.
A transcript of my keynote address at the annual conference of the Financial Services Centers of America (FiSCA), in which I critiqued some policymakers’ attempts to promote financial inclusion by restricting consumer choice and giving the government a larger role in credit allocation.
In their effort to reduce the extent of taxpayer support for the mortgage market, Directors Kraninger and Calabria face formidable opposition from interest groups who benefit from greater lending volumes, looser underwriting, and the continued government management of Fannie and Freddie.