Kathryn Judge is a law professor at Columbia University and a legal scholar of the Federal Reserve and financial policy. Kathryn returns to the show to discuss the Fed's Emergency Lending Facilities, or 13(3) and current happenings at the Federal Reserve. Check out the transcript for this week's episode, now with links. Recorded on March 27th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Kathryn Judge on X: @ProfKateJudge Follow the show on X: @Macro_Musings Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server! Join the Macro Musings mailing list! Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel Timestamps: (00:00:00) – Intro (00:01:43) – History of Section 13(3) (00:03:55) – Increasing Use of 13(3) (00:06:55) – Unusual and Exigent Circumstances (00:08:53) – Changes to 13(3) (00:13:17) – Classification of the Facilities (00:21:13) – Should the Fed Be Doing Emergency Lending? (00:25:42) – Feature or Bug? (00:33:19) – Fed Independence (00:47:45) – Regionalism of the Fed (00:55:23) – Outro

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

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