Bill Nelson is the chief economist and an executive vice president at the Bank Policy Institute. Bill previously was a deputy director of the Division of Monetary Affairs at the Federal Reserve Board, where his responsibilities included monetary policy analysis, discount window policy analysis, and financial institution supervision. Bill also worked closely with the BIS working groups in the design of liquidity regulations. As a returning guest to Macro Musings, he rejoins David to talk about the recent proposals to improve the Fed's lender of last resort role via the discount window, as well as recent developments related to the Fed's balance sheet. Transcript for this week's episode. Bill's BPI profile BPI's Twitter: @bankpolicy David Beckworth's Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings Join the Macro Musings mailing list! Check out our Macro Musings merch! Related Links: *Comment on the New G30 Report* by Bill Nelson *Bank Failures and Contagion: Lenders of Last Resort, Liquidity, and Risk Management* by the Group of Thirty

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“What did the council decide on item 42?” — answered with the speaker and the moment.