| Date | Title | Publication | Topic |
|---|
| August 12,2022 | "The true cost of misleading headline inflation statistics" | American Banker | Several key government-reported headline statistics present a distorted view of reality for most Americans,with the impact extending far beyond Wall Street. And it can have dire consequences —particularly when those numbers drive economic policy. (Co-authored with Phillip Cornell.) [48] |
| August 3,2022 | "'Too Big to Fail' Again?" | Democracy Journal | Why Washington needs to wake up to the crisis that’s looming in the nonbank financial sector. [49] |
| July 15,2022 | "CPI Doesn’t Capture the True Cost of Living in Trump Country" | The Wall Street Journal | The economic squeeze on low- and middle-income Americans is no new phenomenon,a truth that voting patterns have been better at revealing than official inflation data. (Co-authored with Diana Dayoub.) [50] |
| June 8,2022 | "Inflation has been pummeling the middle class for decades,but the out-of-touch CPI masks this reality" | MarketWatch | The 'True Cost of Living' index shows millions of low- and middle-income families don't earn enough to buy necessities like shelter,food,and child care. [51] |
| April 29,2022 | "Minority-owned banks need more help and fewer setbacks from Washington" | The Hill | Each time the economy falters,a disproportionate number of Minority Depository Institutions find themselves in trouble through no fault of their own. (Co-authored with Nicole A. Elam.) [52] |
| January 19,2022 | "Why Are Minority-Owned Banks Disappearing? Washington Holds the Smoking Gun" | Politico | Congress needs to create a new safety net for such lenders —not let regulators squeeze them out of business. [53] |
| October 7,2021 | "America’s hidden hedge against inflation" | MarketWatch | There is an enormous (but invisible) supply of labor that companies can hire to keep costs down. [54] |
| September 25,2021 | "Measured by creation of good jobs,today's recovery stands alone" | The Hill | For all the misery and carnage wrought by pandemic,these figures hint at the prospect of brighter days ahead. [55] |
| July 30,2021 | "Three reforms CDFIs need to help build stronger communities" | American Banker | Community development financial institutions could do more lending in low-income neighborhoods if policymakers relaxed accounting rules,increased government support and encouraged more investment from hedge funds and other nonbank lenders. (Co-authored with Don Riegle.) [56] |
| April 21,2021 | "Reforms That Can Help Revive the American Dream" | The Atlantic | A new cadre of financial regulators can transform the financial world’s role in the fight against prejudice and inequality. [57] |
| April 19,2021 | "When it comes to Biden's jobs bill,bigger is better" | The Hill | If we more carefully scrutinize the real state of the working and middle class,it’s clear this jobs bill is critical to the country’s future and,if anything,should be more expansive. [58] |
| March 3,2021 | "Go Big on COVID Stimulus -- We Can't Afford Not To" | Morning Consult | I am strongly of the belief that concern over the size of Biden’s COVID-19 relief bill is misplaced. The country needs this amount of relief –or more. [59] |
| January 25,2021 | "Unemployment is Much Worse Than You Think -- Here's Why." | Politico | The problem for many Americans isn’t getting a job,it’s getting enough hours at decent wages. Our topline numbers obscure that reality. [60] |
| October 11,2020 | "US regulators should prod lenders to help minority communities." | Financial Times | Existing rules can be updated to address inequalities exacerbated by Covid-19. [61] |
| June 1,2020 | "The write-downs are coming. Start preparing now." | American Banker | The crisis being triggered by the coronavirus pandemic is accelerating the financial industry toward an era of dramatically increased debt workouts and defaults. While the Paycheck Protection Program loans should end up on the government’s books,most loan write-offs and write-downs will be the burden of banks and other lenders. [62] |
| May 28,2020 | "How the Fed’s Rescue Program Is Worsening Inequality" | Politico | Analyzed how federal intervention programs to deal with the Covid-19 pandemic are exacerbating inequality. They asserted that by intervening in the high-yield or junk bond market,“Washington is backstopping loans that are predominately purchased by wealthy investors.”(Co-authored with Sarah Bloom Raskin.) [63] |
| March 6,2020 | "A Tax Cut Democrats and Republicans Could Agree On? The Payroll Levy" | Washington Post | Argued that both parties have a good reason to get behind an effort to free middle- and working-class families from a disproportionate tax burden. Eliminating the payroll tax could help stimulate the economy,and given the coronavirus outbreak,the time is right. [64] |
| February 18,2020 | "Lessons for Bankers from Disasters that Didn't Have to Be" | American Banker | Called on companies to own up to mistakes and problems in order to maintain a strong company culture that is focused on regulation,risk and transparency for maintaining a strong company culture. (Co-authored with Susan Krause Bell and Wayne Rushton.) [65] |
| January 31,2020 | "CECL Is a Real Threat to the Financial System" | American Banker | Argued that the Financial Accounting Standards Board has been incorrect in how it limits a bank’s allowance for loan and lease losses and called for reform. [66] |
| July 11,2019 | "Payroll Tax Has Become a Monster. It Needs to Be Replaced" | Newsweek | Called for replacing the payroll tax with non-labor taxes,arguing that the payroll tax had become "the biggest tax 80 percent of Americans pay." [67] |
| June 20,2019 | "The Key to Rightsizing Regulation" | American Banker | Advocated creation of a "National Institute of Regulation" to examine regulatory effectiveness and efficiency. [68] |
| June 11,2019 | "U.S. Regulators Ill Prepared for Next Downturn" | Financial Times | Urged Congress to restore supervisory powers that were stripped away after the 2008 financial crisis. [69] |
| May 15,2019 | "Rosy Economic Data Belie a Harsh Reality for Many Americans | The Hill | Argued that lower- and middle-income Americans have not shared in economic advances for decades,and urged policymakers to focus on making community college affordable,promoting financial literacy,and creating more flexible ways for people to work their way out of delinquent debts. [70] |
| October 31,2018 | "Warning:The Deregulatory Mood Can't Last Forever" | American Banker | Identified five "good government" reforms that the financial services industry should pursue:Elimination of regulatory duplication,requiring fair rights of appeal in the supervisory process,promoting innovation in banking,improving regulatory effectiveness,and modernizing finance for low-income groups. [71] |
| July 6,2018 | "Regulators Have Their Eye on AI" | American Banker | Described artificial intelligence as "an increasingly important tool in finance" that has "the potential to create regulatory problems if it isn’t used carefully." [72] |
| April 4,2018 | "America's Economic Challenges" | Banking Exchange | Examined decline in economic opportunities for lower- and middle-class Americans and argued that "economic reality in America is a widening chasm between the wealthy and everyone else,and fueling disquiet in those who struggle economically. [73] |
| February 9,2018 | "Getting Ahead of Risk Involves Asking the Right Questions" | American Banker | Focused on how to identify specific ways institutions are vulnerable to risk and raised concern about "groupthink that dismisses a systemic event in the foreseeable future." [74] |
| December 20,2017 | "Bankers Should Resolve to Be More Paranoid in 2018" | American Banker | Warned the financial services industry of the risk of economic downturn and cited concern that "a major tail event that will shock the financial indusry is likely in the foreseeable future." [75] |
| October 1,2016 | "How America Can Get Out of Its Economic Swamp" | Time | Decried bias in the federal budget process against crucial spending,particularly for infrastructure,education and research. Advocated for the creation of a federal capital budget to provide a framework for long-term expenditures,noting that this approach is used in the private sector and by most state governments. [76] |
| March 15,2016 | "Unregulated Shadow Banks Are a Ticking Time Bomb" | American Banker | Critiqued the approach of strictly regulating banks while only loosely regulating nonbank financial institutions,or "shadow banks." [77] |
| November 17,2012 | "Banks Need Long-Term Rainy Day Funds" | The Wall Street Journal | Called for accounting reform to ensure that banks could build adequate loan loss reserves well before losses are realized. (Co-authored with Paul A. Volcker) [78] |
| December 7,2011 | "Why the Fight Over the Payroll Tax Matters" | The New York Times | Advocated a permanent cut in the payroll tax as a first step toward fundamental tax reform. [79] |
| June 25,2010 | "Another View:Now It's Up to the Regulators" | The New York Times | Observed that although Congress had passed financial regulatory reform,the real work of filling in the details would now fall to the regulators. "If the New Deal is credited with creating the regulatory agencies,this bill will be remembered for super-charging their authority." [80] |
| February 2009 | “The Community Reinvestment Act:Past Successes and Future Opportunities” | “Revisiting the CRA:Perspectives on the Future of the Community Reinvestment Act,”by the Federal Reserve Banks of Boston and San Francisco | Retrospective and analysis of the Community Reinvestment Act. (Co-authored with James Kamihachi and Laura Toh) [81] |
| November 19,2008 | "Don't Junk the U.S. Auto Industry | Reuters | Argued that providing government aid to the three major U.S. automakers would be far more effective than allowing them to go bankrupt. [82] |
| September 17,2008 | "Resurrect the Resolution Trust Corp. | The Wall Street Journal | Called for recreation of the Resolution Trust Corporation to help deal with the financial crisis. (Co-authored with former Federal Reserve Chairman Paul A. Volcker and former U.S. Treasury Secretary Nicholas F. Brady. [83] |
