Financial Markets
Highly and preemptively regulated, financial markets are a sector of the economy where new firms and their products can find it hard to gain a foothold. It’s also one where politicians, regulators, and financial institutions increasingly use their power to change the behavior of individuals and businesses outside the democratic process. Mercatus research shows how to keep the sector competitive and innovative, focused on finance and not on social causes.
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Latest work in Financial Markets
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Fed Risks Reigniting Inflation as It Cuts Rate, Signals More in 2025 | “Central Bank Central” podcast
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The FOMC Should Not Lower Rates, Yet | FinRegRag (Substack)
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ChatGPT 4.0 on 'Synthetic Contingent Liability' Clawback Regulation | FinRegRag
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‘Not Super Concerned’ About Trump Putting Pressure on the Fed | CNBC’s “Squawk Box”
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So Long, and Thanks for all the FinReg! | FinRegRag (Substack)
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Make America Affordable Again | Newt’s World Podcast
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FinReg Roundup | FinRegRag
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Trump Probably Won’t Try to Fire Jerome Powell | Wall Street Journal
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Some Ways the Trump Administration Can Fight Debanking Without Congress (Probably) | FinRegRag
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Yes, Simpler, Higher Capital Requirements Are a Better Capital Rule | American Banker
- | Financial Markets Financial Markets
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A Quick-and-dirty List of Ideas for the Trump Admin To Fight Debanking | FinRegRag (Substack)
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Fed’s Challenge Is Huge Deficit, Growing Debt Problem | Bloomberg TV’s “Open Interest”
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State Fair Access and Debanking Laws Bring Country’s Political and Cultural Divisions to the Fore | Consumer Finance Monitor
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Navigating Economic Policy for Sustainable Growth | Banking on KC
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Inflation’s Headed South, but Consumers Still Can’t Avoid Its Pain | DC Journal
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Economic Resilience: A Choice, Not an Entitlement | FinRegRag
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Soft Landing on Inflation, or a New Take-off? | Facing the Future
- | Financial Markets Financial Markets
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ChatGPT 4.0 on Simple, Higher Regulatory Capital Requirements | FinRegRag (Substack)
- | Financial Markets Financial Markets
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Four Arguments That Might Justify “Fair-access” Laws (Pt. 3) | FinRegRag (Substack)
Latest work in Financial Markets
- | Financial Markets Financial Markets
- | Podcast Appearance Podcast Appearance
Fed Risks Reigniting Inflation as It Cuts Rate, Signals More in 2025 | “Central Bank Central” podcast
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
The FOMC Should Not Lower Rates, Yet | FinRegRag (Substack)
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
ChatGPT 4.0 on 'Synthetic Contingent Liability' Clawback Regulation | FinRegRag
- | Financial Markets Financial Markets
- | TV Appearance TV Appearance
‘Not Super Concerned’ About Trump Putting Pressure on the Fed | CNBC’s “Squawk Box”
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
So Long, and Thanks for all the FinReg! | FinRegRag (Substack)
- | Financial Markets Financial Markets
- | Podcast Appearance Podcast Appearance
Make America Affordable Again | Newt’s World Podcast
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
FinReg Roundup | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Trump Probably Won’t Try to Fire Jerome Powell | Wall Street Journal
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Some Ways the Trump Administration Can Fight Debanking Without Congress (Probably) | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Yes, Simpler, Higher Capital Requirements Are a Better Capital Rule | American Banker
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
A Quick-and-dirty List of Ideas for the Trump Admin To Fight Debanking | FinRegRag (Substack)
- | Financial Markets Financial Markets
- | TV Appearance TV Appearance
Fed’s Challenge Is Huge Deficit, Growing Debt Problem | Bloomberg TV’s “Open Interest”
- | Financial Markets Financial Markets
- | Podcast Appearance Podcast Appearance
State Fair Access and Debanking Laws Bring Country’s Political and Cultural Divisions to the Fore | Consumer Finance Monitor
- | Financial Markets Financial Markets
- | Podcast Appearance Podcast Appearance
Navigating Economic Policy for Sustainable Growth | Banking on KC
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Inflation’s Headed South, but Consumers Still Can’t Avoid Its Pain | DC Journal
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Economic Resilience: A Choice, Not an Entitlement | FinRegRag
- | Financial Markets Financial Markets
- | Radio Appearance Radio Appearance
Soft Landing on Inflation, or a New Take-off? | Facing the Future
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
ChatGPT 4.0 on Simple, Higher Regulatory Capital Requirements | FinRegRag (Substack)
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Four Arguments That Might Justify “Fair-access” Laws (Pt. 3) | FinRegRag (Substack)
Latest work in Financial Markets
- | Regulation Regulation
- | Working Papers Working Papers
Is Dodd-Frank the Biggest Law Ever?
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Why Government Shouldn’t Regulate Reputation Risk at Banks
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Express Loans for Small Business: Supplementing the CARES Act
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- | Policy Briefs Policy Briefs
Relief Fund Allocation Is No Place to Play Politics
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The Sandbox Paradox: Balancing the Need to Facilitate Innovation with the Risk of Regulatory Privilege
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Get Cash to More Families That Need It Now: Give Banks More Discretion to Make Home Equity Loans and Refinance Mortgages
- | Financial Markets Financial Markets
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Explaining Dirks
- | Financial Markets Financial Markets
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Reforming Index Fund Voting
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- | Policy Briefs Policy Briefs
Some Challenges for Congress’s Proposed Reform of Insider Trading Plans
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- | Working Papers Working Papers
Private Policies and Public Power
When Banks Act as Regulators within a Regime of Privilege
- | Academic & Student Programs Academic & Student Programs
- | Financial Markets Financial Markets
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Consumer Perceptions of Financial Advisory Titles and Implications for Title Regulation
"Brokers” versus “Advisers”—Regulating Financial Services Titles: Begin with What Consumers Already Know
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Will SEC Regulation Best Interest Protect Investors?

- | Financial Markets Financial Markets
- | Books Books
How Do Small-Dollar, Nonbank Loans Work?

- | Monetary Policy Monetary Policy
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Money Demand and Seignorage Maximization before the End of the Zimbabwean Dollar
- | Financial Markets Financial Markets
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The Recourse Rule: How Regulatory Capture Gave Rise to the Financial Crisis
- | Corporate Welfare Corporate Welfare
- | Data Visualizations Data Visualizations
The Ex-Im Bank Is More Responsible without a Quorum
- | Financial Markets Financial Markets
- | Working Papers Working Papers
The Informational Efficiency of Cross-Listed Securities and the Quality of Institutions
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
POLICY SPOTLIGHT: Fintech Lending
Regulatory Challenges, Regulatory Solutions
- | Financial Markets Financial Markets
- | Working Papers Working Papers
Rethinking Decimalization
The Impact of Increased Tick Sizes on Trading Activity and Volatility
- | Financial Markets Financial Markets
- | Policy Briefs Policy Briefs
Yes, the Benefits of a Higher Leverage Ratio Can Exceed the Costs
Latest work in Financial Markets
- | Financial Markets Financial Markets
- | Podcast Appearance Podcast Appearance
State Fair Access and Debanking Laws Bring Country’s Political and Cultural Divisions to the Fore | Consumer Finance Monitor
- | Financial Markets Financial Markets
- | Podcast Appearance Podcast Appearance
Navigating Economic Policy for Sustainable Growth | Banking on KC
- | Financial Markets Financial Markets
- | Radio Appearance Radio Appearance
Soft Landing on Inflation, or a New Take-off? | Facing the Future
- | Financial Markets Financial Markets
- | TV Appearance TV Appearance
Economic Development Summit | Fox 26 KNPN-TV’s “News Press Now” (MO)
- | Financial Markets Financial Markets
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Fed Is Aware of the ‘Political Pressure’ To Cut Interest Rates | Fox Business Network
- | Financial Markets Financial Markets
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The Road Ahead for the US Federal Reserve | BNN Bloomberg
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Fed Cuts Rates by 50 Basis Points | Yahoo! Finance
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Economists Agree That Headline Inflation ‘Is Higher’ Than the Fed Thinks | Fox Business Network
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A Jackson Hole Special | Bloomberg Daybreak
- | Financial Markets Financial Markets
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Rate Cuts, US Debt, Deficit | Bloomberg TV
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Emergency Rate Cut? Bankruptcies Reach Highest Level In Decade | The David Lin Report
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We Should Not Be Surprised if Things Are Slowing | Fox Business
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The Economy Is in a Slowdown Period | CNBC
- | Financial Markets Financial Markets
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No Need for US Fed To Signal Rate Cuts | BNN Bloomberg
- | Financial Markets Financial Markets
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On Potential Rate Cuts: ‘I Think the Fed Is Making a Mistake' | Fox Business Network
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Major Indexes Slip as Tech Stocks Fall, Netflix Earnings on Tap | Yahoo! Finance Live
- | Financial Markets Financial Markets
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The Fed Isn’t Ready for Cuts Right Now, ‘I Think They Know That' | CNBC
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No Rate Increases Barring Upside Surprise | Bloomberg TV
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Fed Decision Day | Straight Arrow News
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Rising Strains in Banking System Tie Fed's Hand in Inflation Fight | Central Bank Central
Latest work in Financial Markets
- | Financial Markets Financial Markets
- | State Testimonies State Testimonies
Ohio Should Consider Creating Regulatory Sandboxes
Ohio House Financial Institutions Committee
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Adopting the SEC's Proposed Climate-Change Disclosure Rules Would Be Unwise
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Benefits, Costs, and Design Considerations of a Central Bank Digital Currency
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
The SEC Lacks Legal Authority to Adopt Climate-Change Disclosure Rules
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Considerations for the ATS Proposal
- | Financial Markets Financial Markets
- | State Testimonies State Testimonies
Maryland Should Consider Creating a Regulatory Sandbox
House Economic Matters Committee
- | Financial Markets Financial Markets
- | State Testimonies State Testimonies
Missouri Should Consider Creating a Regulatory Sandbox
Missouri House of Representatives, Committee on Economic Development
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Bank Instability Concerns Asset Risk and Leverage Rather Than Size
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- | State Testimonies State Testimonies
Nebraska Should Consider Creating Regulatory Sandboxes
Nebraska Banking, Commerce, and Insurance Committee
- | Financial Markets Financial Markets
- | State Testimonies State Testimonies
Virginia Should Consider Creating Regulatory Sandboxes
- | Financial Markets Financial Markets
- | State Testimonies State Testimonies
Ohio Should Consider Creating Regulatory Sandboxes
Ohio Senate Financial Institutions and Technology Committee
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Proposed Leverage Buffer and Credit Risk Transfer Rules Contradict the FHFA's Goals
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Proxy Voting by Mutual Fund Investment Advisers
- | Financial Markets Financial Markets
- | State Testimonies State Testimonies
Pennsylvania Should Consider Creating Regulatory Sandboxes
Testimony before the Pennsylvania House Democratic Policy Committee
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Proposed Fed Guidelines Should Be Refined to Ensure Access and Competition in Payments Services
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Response to Senator Steve Daines
- | Financial Markets Financial Markets
- | Federal Testimonies Federal Testimonies
Who Wins on Wall Street? GameStop, Robinhood, and the State of Retail Investing
Testimony before the US Senate Committee on Banking, Housing, and Urban Affairs
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Comment on the OCC’s Fair Access to Financial Services Proposal
- | Financial Markets Financial Markets
- | Public Interest Comments Public Interest Comments
Does the SEC Have Legal Authority to Exceed Statutory Dollar Limitations?
- | Financial Markets Financial Markets
- | Federal Testimonies Federal Testimonies
Fintech Regulation Needs to Keep Pace With Economic and Technological Evolution
Testimony before the US Committee on Financial Services, Task Force on Financial Technology
Latest work in Financial Markets
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Andrew Vollmer on SEC Climate Disclosure Rules | FinRegRag
- | Financial Markets Financial Markets
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The Fed Needs to Modernize Its Tactics | Discourse
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
More Capital Regulation or Just More Capital? | FinRegRag
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FinRegRant #7: More Basel III Endgame | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Part 3: Briefs Supporting the SEC Climate-change Disclosure Rules Commit Serious Errors | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
From the Fed’s Corridor to the Floor Operating System... and Back? | FinRegRag
- | Financial Markets Financial Markets
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Challenge to the SEC’s Consolidated Audit Trail | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Briefs Supporting the SEC Climate-change Disclosure Rules Commit Serious Errors (Part 1) | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Why Are Stocks Cratering Around the Globe? | Marketplace Radio
- | Financial Markets Financial Markets
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The Treasury Department vs. Fair Access Laws (Pt. 2) | FinRegRag
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Why Is the Government Encouraging a Taxpayer Bailout? | Politico Magazine
- | Financial Markets Financial Markets
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Thomas Hoenig and Sheila Bair Comments Raise Concerns About FDIC Proposal To Change the Review Process for Bank Mergers | FinRegRag
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Thomas Hoenig Weighs in: Why Freddie Mac Shouldn't Expand to Second Mortgages | FinRegRag
- | Financial Markets Financial Markets
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The Myths That Fuel the Megabanks | Hypertext
- | Financial Markets Financial Markets
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Three Opportunities for Better US-China Cooperation | The National Interest
- | Financial Markets Financial Markets
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When Biden and Trump Agree, Consumers Should Worry | Tribune News Service
- | Financial Markets Financial Markets
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We Can’t Be a Republic Only When It’s Convenient | The Hill
- | Regulation Regulation
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Having an EDGE on the Bailout/Too Big To Fail Problem | FinRegRag
- | Financial Markets Financial Markets
- | Expert Commentary Expert Commentary
Avoiding Misuse of Americans’ Financial Records | FinRegRag
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- | Expert Commentary Expert Commentary