The Cato Institute is a public policy research organization dedicated to the principles of individual liberty, limited government, free markets, and peace. Cato’s Center for Monetary and Financial Alternatives, of which I am an associate director, is dedicated to revealing the shortcomings of today’s centralized, bureaucratic, and discretionary monetary and financial regulatory systems and to identifying, studying, and promoting alternatives more conducive to a stable, flourishing, and free society.
I congratulate Chairman McWilliams and the FDIC Board for their efforts to make explicit the criteria that the FDIC will follow when deciding whether to approve industrial bank applications.
