Showing results 1 - 10 of 14
| Hal Scott
May 17, 2020, Opinion, "Small and midsize businesses have been hit hard by the pandemic, but they aren’t getting the help they need. Why, when the Cares Act provides direct assistance to the Treasury to assist these firms? Congress now has a chance to get to the bottom of it. On Tuesday the Senate Banking Committee will hold its first quarterly hearing on the Cares Act. It will hear from Treasury Secretary Steven Mnuchin and Federal Reserve…
| Hal Scott
Main Street Needs More Fed Help. Hal Scott, April 16, 2020, Opinion, "The U.S. economy is in free fall. Leading economic forecasters predict as much as an 11% year-over-year decline in second-quarter gross domestic product. Small businesses—those with under 500 employees, which constitute 50% of the workforce and 44% of GDP—have closed their doors and are teetering from illiquidity to insolvency. Depression is around the corner. The priority…
| Hal Scott
March 11, 2020: Opinion, "Coronavirus is contagious. So is financial panic. The spread of the novel coronavirus could cause a run on the financial system leading to a deep recession. Severe stock-market drops and increased demand for liquidity are warning signals. Bank equity capital has increased by $750 billion to $2.1 trillion since 2007, but a panic could still overwhelm well-capitalized banks."
| Hal Scott
Controlling the Long-Term Problem of Short-Term Funding. Hal Scott, August 23, 2019, Paper, "While financial crises can be triggered by several causes, runs on short-term liabilities are at the heart of all financial crises, with the recent 2007–09 financial crisis being no exception. Given the unpredictability of crisis triggers and the overwhelming predictability of short-term funding’s role in financial crises, legislative and regulatory…
| Hal Scott
Dodd-Frank regulations good and bad for financial system, Harvard director says. Hal Scott, September 11, 2018, Video, "Hal Scott, director of the program on International Financial Systems at Harvard Law School, and Sebastian Mallaby, the Paul A. Volcker Senior Fellow for International Economics at the Council on Foreign Relations, discuss what triggered the financial crisis in 2008 and if we are safe from another."…
| Hal Scott
Harvard's Scott Says Fed Stress Tests Restricting Growth. Hal Scott, July 3, 2017, Video, "Hal Scott, a Harvard Law School professor, discusses the state of the U.S. banking system with Bloomberg's Scarlet Fu and Julia Chatterley on "Bloomberg Markets." (Source: Bloomberg) " Link
| Hal Scott
Harvard's Scott Says U.S. Has Latitude on Bank Reforms. Hal Scott, March 23, 2017, Video, "Hal Scott, Harvard Law School professor and president of Committee on Capital Markets Regulation, discusses the Trump administration's approach to financial regulation and how it relates to the Federal Reserve and monetary policy. Scott is a potential candidate to be the next Vice Chair of the Federal Reserve. He speaks on "Bloomberg Surveillance.""…
| Hal Scott
Bank Stress Tests Won’t Save Us From Financial Crisis. Hal Scott, June 23, 2016, Video. "It’s a big week for Wall Street. Minutes before polls close in the U.K. on the Brexit vote Thursday, the Fed is set to release its first round of stress-test results, followed by a second round of results next Wednesday. The tests are used to determine whether or not the largest banks could weather a major crisis, such as Britain leaving the EU, and whether…
| Hal Scott
Connectedness and Contagion: Protecting the Financial System from Panics. Hal Scott, May 2016, Book. "The Dodd–Frank Act of 2010 was intended to reform financial policies in order to prevent another massive crisis such as the financial meltdown of 2008. Dodd–Frank is largely premised on the diagnosis that connectedness was the major problem in that crisis—that is, that financial institutions were overexposed to one another, resulting in a…
| Hal Scott
The Federal Reserve: The Weakest Lender of Last Resort Among Its Peers. Hal Scott, November 25, 2015, Paper. "This article for the first time compares the Federal Reserve's powers as lender of last resort (‘LLR’) and its ability to fight contagion, with its three major peers, the Bank of England (the ‘BOE’), the European Central Bank (the ‘ECB’) and the Bank of Japan (the ‘BOJ’). It concludes that the Federal Reserve (the ‘Fed’) is currently the…