![Closeup of Ben Franklin on a hundred dollar bill ](/sites/cato.org/files/styles/optimized/public/2021-01/GettyImages-628767816.jpg?itok=omYRvx-0) # Center for Monetary and Financial Alternatives At a Glance The Center for Monetary and Financial Alternatives (CMFA) advances policy solutions that challenge today’s centralized, bureaucratic, and discretionary monetary and financial regulatory systems. Its mission is to identify, study, and promote alternatives more conducive to a stable, flourishing, and free society. The Center draws on a broad network of expertise, including an in-house team of full-time experts. The Center engages with policymakers, academics, students, and the public through original research, public policy analysis, educational events, and multimedia resources. Subscribe to Big Change weekly email newsletter Join the Conversation [\#CatoEcon](https://x.com/hashtag/CatoEcon) Share This Topic #### Topics - [Banking and Finance](/banking-finance) - [Monetary Policy](/monetary-policy) [![Sound Financial Policy 119th Congress cropped](/sites/cato.org/files/styles/content_teaser/public/2024-12/sound-financial-policy-119th-congress-cover%20Cropped.jpg?itok=V75TT6wk)](https://www.cato.org/sound-financial-policy-principled-recommendations-119th-congress) series ### [Sound Financial Policy](/sound-financial-policy-principled-recommendations-119th-congress) By [Nicholas Anthony](https://www.cato.org/people/nicholas-anthony), [Jai Kedia](https://www.cato.org/people/jai-kedia), [Norbert J. Michel](https://www.cato.org/people/norbert-michel), [Jennifer J. Schulp](https://www.cato.org/people/jennifer-j-schulp), [George Selgin](https://www.cato.org/people/george-selgin), & [Jack Solowey](https://www.cato.org/people/jack-solowey) For policymakers who want to improve financial markets, this policy guide provides practical solutions to reduce excessive government regulation and involvement in financial markets. [![Benjamin Franklin on the US $100 Bill](/sites/cato.org/files/styles/content_teaser/public/2022-10/ben_franklin-min.jpg?itok=wM5_S_7A)](https://www.cato.org/study/restoring-financial-privacy) Study ### [Restoring Financial Privacy](/study/restoring-financial-privacy) By [Norbert J. Michel](https://www.cato.org/people/norbert-michel) and [Jennifer J. Schulp](https://www.cato.org/people/jennifer-j-schulp) Congress should amend the Bank Secrecy Act so that financial institutions are no longer forced to act as law enforcement agents. [![cryptocurrency digital money](/sites/cato.org/files/styles/content_teaser/public/2021-11/cryptocurrency%20digital%20money.jpg?itok=FeBRQvFB)](https://www.cato.org/briefing-paper/practical-legislation-support-cryptocurrency-innovation) Study ### [Practical Legislation to Support Cryptocurrency Innovation](/briefing-paper/practical-legislation-support-cryptocurrency-innovation) By [Jack Solowey](https://www.cato.org/people/jack-solowey) and [Jennifer J. Schulp](https://www.cato.org/people/jennifer-j-schulp) This paper proposes a cryptocurrency regulatory framework with the goals of dispelling uncertainty, unencumbering entrepreneurship, and providing practical consumer protections. [![Closeup of Ben Franklin on a hundred dollar bill ](/sites/cato.org/files/styles/promo_block/public/2021-01/GettyImages-628767816.jpg?itok=it0xRmtq)](https://www.alt-m.org/) ##### Also from Cato ### [Alt‑M: Ideas for an Alternative Monetary Future](https://www.alt-m.org/) Welcome to Alt‑M, a community devoted to exploring and promoting ideas for an alternative monetary future. Our goal is to reveal the shortcomings of today’s centralized, bureaucratic, and discretionary monetary arrangements, and to bring serious consideration of real alternatives to the center stage of current monetary and financial reform debates. [View Website](https://www.alt-m.org/) #### Center Staff [![Nicholas Anthony Cropped](/sites/cato.org/files/styles/bio_picture_mobile/public/2025-02/NicholasAnthony-cropped.jpg?itok=Tuaw2hKw)](/people/nicholas-anthony) ##### [Nicholas Anthony](/people/nicholas-anthony) Research Fellow, Center for Monetary and Financial Alternatives [![jai-kedia-cropped.jpg](/sites/cato.org/files/styles/bio_picture_mobile/public/2023-07/jai-kedia-cropped.jpg?itok=VxskPH73)](/people/jai-kedia) ##### [Jai Kedia](/people/jai-kedia) Research Fellow, Center for Monetary and Financial Alternatives [![Norbert Michel Cropped](/sites/cato.org/files/styles/bio_picture_mobile/public/2025-01/norbert-m-cropped.jpg?itok=jAZb-6u2)](/people/norbert-michel) ##### [Norbert J. Michel](/people/norbert-michel) Vice President and Director, Center for Monetary and Financial Alternatives [![Ryan Chan-Wei - recropped](/sites/cato.org/files/styles/bio_picture_mobile/public/2025-12/Ryan%20Chan-Wei%20-%20recropped.jpg?itok=Za3OKcmQ)](/people/ryan-chan-wei) ##### [Ryan Chan-Wei](/people/ryan-chan-wei) Research Fellow, Center for Monetary and Financial Alternatives [![Jerome-Famularo-cropped.jpg](/sites/cato.org/files/styles/bio_picture_mobile/public/2023-07/Jerome-Famularo-cropped.jpg?itok=Ay_4r8Ne)](/people/jerome-famularo) ##### [Jerome Famularo](/people/jerome-famularo) Quantitative Research Associate, Center for Monetary and Financial Alternatives [![Christian Kruse - cropped](/sites/cato.org/files/styles/bio_picture_mobile/public/2025-06/Christian%20Kruse-cropped.jpg?itok=D3A_Oovb)](/people/christian-kruse) ##### [Christian Kruse](/people/christian-kruse) Policy Engagement Specialist, Center for Monetary and Financial Alternatives [![Solveig Singleton--cropped-2](/sites/cato.org/files/styles/bio_picture_mobile/public/2025-06/Solveig%20Singleton--cropped-2.jpg?itok=5qE-cIdX)](/people/solveig-singleton) ##### [Solveig Singleton](/people/solveig-singleton) Policy Analyst, Center for Monetary and Financial Alternatives #### Our Experts [![John A. Allison Cropped](/sites/cato.org/files/styles/bio_picture_mobile/public/2021-01/John%20Allison.jpg?itok=UxI7l1jp)](/people/john-allison) ##### [John A. Allison](/people/john-allison) Former President and CEO; Chair, Executive Advisory Council, Center for Monetary and Financial Alternatives [![David Beckworth cropped](/sites/cato.org/files/styles/bio_picture_mobile/public/2021-06/david-beckworth%20Cropped.jpg?itok=YxqRpOL-)](/people/david-beckworth) ##### [David Beckworth](/people/david-beckworth) Adjunct Scholar [![dewitt-cropped.jpg](/sites/cato.org/files/styles/bio_picture_mobile/public/2019-10/dewitt-cropped.jpg?itok=8-w577L4)](/people/c-wallace-dewitt) ##### [C. Wallace DeWitt](/people/c-wallace-dewitt) Adjunct Scholar, Center for Monetary and Financial Alternatives [![Media Name: dowd.jpg](/sites/cato.org/files/styles/bio_picture_mobile/public/authors/crops/dowd.jpg?itok=pbyL2aSu)](/people/kevin-dowd) ##### [Kevin Dowd](/people/kevin-dowd) Adjunct Scholar [![Media Name: ely.jpg](/sites/cato.org/files/styles/bio_picture_mobile/public/authors/crops/ely.jpg?itok=xJg0zuK5)](/people/bert-ely) ##### [Bert Ely](/people/bert-ely) Adjunct Scholar [![Tyler Goodspeed updated cropped photo](/sites/cato.org/files/styles/bio_picture_mobile/public/2021-05/tyler-goodspeed-portrait-cropped.jpg?itok=0T8p4rxG)](/people/tyler-goodspeed) ##### [Tyler Goodspeed](/people/tyler-goodspeed) Adjunct Scholar [![Jeb Hensarling](/sites/cato.org/files/styles/bio_picture_mobile/public/2024-08/jeb-hensarling.jpg?itok=FWuJHxSv)](/people/jeb-hensarling) ##### [Jeb Hensarling](/people/jeb-hensarling) Economics Fellow [![Media Name: hummel-cropped.jpg](/sites/cato.org/files/styles/bio_picture_mobile/public/authors/crops/hummel-cropped_1.jpg?itok=UjXoo9sl)](/people/jeffrey-rogers-hummel) ##### [Jeffrey Rogers Hummel](/people/jeffrey-rogers-hummel) Adjunct Scholar [![William J. Luther - cropped](/sites/cato.org/files/styles/bio_picture_mobile/public/2024-08/William-J-Luther-cropped.jpg?itok=cjf9K9gG)](/people/william-j-luther) ##### [William J. Luther](/people/william-j-luther) Adjunct Scholar ![Gerald P. O’Driscoll Jr.](/sites/cato.org/files/styles/bio_picture_mobile/public/2021-01/Gerald%20O%27Driscoll.jpg?itok=cHi10C4V) ##### Gerald P. O’Driscoll Jr. Senior Fellow [![Media Name: dan-quan-cropped.png](/sites/cato.org/files/styles/bio_picture_mobile/public/authors/crops/dan-quan-cropped.png?itok=dIzuqCj6)](/people/dan-quan) ##### [Dan Quan](/people/dan-quan) Adjunct Scholar [![Thomas J. Sargent portrait](/sites/cato.org/files/styles/bio_picture_mobile/public/2022-03/thomas-j-sargent.jpg?itok=eEzXe_TZ)](/people/thomas-sargent) ##### [Thomas J. Sargent](/people/thomas-sargent) Visiting Scholar [![Media Name: lwhite.jpg](/sites/cato.org/files/styles/bio_picture_mobile/public/authors/crops/lwhite.jpg?itok=9tF20UPi)](/people/lawrence-white) ##### [Lawrence H. White](/people/lawrence-white) Senior Fellow, Center for Monetary and Financial Alternatives [![Media Name: randywrightcropped.jpg](/sites/cato.org/files/styles/bio_picture_mobile/public/authors/crops/randywrightcropped.jpg?itok=0U9kB0-2)](/people/randall-wright) ##### [Randall Wright](/people/randall-wright) Senior Fellow #### Executive Advisory Council - John A. Allison, Chair, Executive Advisory Council, Center for Monetary and Financial Alternatives, former President and CEO, Cato Institute, and former Chairman and CEO, BB&T Corporation - Sean Fieler, President of Equinox Partners, L.P. and the Kuroto Fund, LP - Robert Gelfond, CEO and Founder, MQS Management - James Grant, Founder and Editor, Grant’s Interest Rate Observer - Richard Kovacevich, Chairman Emeritus, Wells Fargo and Co. - Robert L. Luddy, Founder and CEO, CaptiveAire - George Melloan (1927–2020, served 2014–2020), former Deputy Editor, *Wall Street Journal* - Judy Shelton, United States Director, European Bank for Reconstruction and Development - Jeffrey S. Yass, Managing Director, Susquehanna International Group #### Council of Academic Advisors - Leszek Balcerowicz, Professor of Economics, College of Europe; former Chairman of the National Bank of Poland, and former Finance Minister and Deputy Prime Minister - Guillermo Calvo, Professor of Economics and Director of the Program in Economic Policy Management, Columbia University - Kenneth French, Carl E. and Catherine M. Heidt Professor of Finance, Tuck School of Business, Dartmouth College - Edward J. Kane, Professor of Finance, Boston College - George Kaufman, (1933–2020, served 2014–2020), John F. Smith Jr. Professor of Finance and Economics, Loyola University Chicago - David Laidler, Professor Emeritus (Economics), University of Western Ontario - Bennett T. McCallum (1935–2022, served 2014–2022), H. J. Heinz Professor of Economics, Carnegie Mellon University - J. Huston McCulloch, Professor Emeritus, Ohio State University, and Adjunct Professor, New York University - Ronald McKinnon (1935–2014, served 2014–2014), William B. Eberle Professor of Economics, Stanford University - Vernon L. Smith, Nobel Laureate (Economics) and Professor of Economics, Chapman University - John B. Taylor, Mary and Robert Raymond Professor of Economics, Stanford University - Richard H. Timberlake, (1922–2020, served 2014–2020), Professor Emeritus (Economics), University of Georgia - William R. White, former Chairman, Economic Development and Review Committee, OECD (Paris) andformer Economic Adviser and Head of the Monetary and Economic Department, Bank for International Settlements - Geoffrey Wood, Professor Emeritus (Monetary Economics), University of Buckingham - Randall Wright, Ray Zemon Professor of Liquid Assets and Professor of Economics, University of Wisconsin‐​Madison - Leland B. Yeager (1924–2018, served 2014–2018), Professor Emeritus (Economics), Auburn University and University of Virginia