Lev Menand

speaker

1,295 appearances 6 recordings 1 series first heard Jan 2025 last heard 17 Jul

Lev Menand’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 2 in all, peaking in Jul 2026 with 1.

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And it regulates banks.

And it conducts, quote unquote, monetary policy, which is overnight interest rate policy.

That's how the Federal Reserve pursues its section to a mandate currently.

through regulation of the Federal Reserve Banks, which are government chartered banks, but they're nominally outside of the government.

They're membership cooperatives owned by the investor-owned banks like JPMorgan Chase.

So the Federal Reserve Bank of New York, that is a bank.

That is outside of the government.

The Federal Reserve Board of Governors, that is a government regulator.

That is inside of the government.

And...

All the board of governors does is regulate stuff.

And so it carries out monetary policy through regulations.

And it also does bank regulations.

But those are all monetary policy in a broader sense.

They are not used to adjust monetary conditions for macroeconomic reasons generally, but they could be.

And so currently what the Trump administration is doing is relaxing the equity capital requirements on banks.

This is stimulative.

This is monetary stimulus.

That's not why they're doing it, but it is stimulating the economy right now.

And the court has no easy way out of that, which is why you have this weird footnote six in the Cook opinion.

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