The FinReg Pod Duke Financial Economics Center

Joe Davis is chief economist at Vanguard as well as the global head of Vanguard Investment Strategy Group. In this episode, Joe offers his thoughts on what’s driving inflation, how the Federal Reserve is likely to respond at their upcoming policy meeting and beyond, and how investors can insulate their portfolio from inflations pernicious effects. Joe and Lee also reflect on key lessons learned from the last 15 years of economic policymaking.
 
Lee’s Twitter: @leereiners
GFMC Twitter: @DukeGFMC
 
Related Links
 
*Ukraine and the Changing Market Environment* Vanguard https://advisors.vanguard.com/insights/article/ukraineandthechangingmarketenvironment
 
*Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?)* Jeremy B. Rudd
https://doi.org/10.17016/FEDS.2021.062
 
*Will Inflation Stay High for Decades? One Influential Economist Says Yes* Wall Street Journal https://www.wsj.com/articles/inflation-high-forecast-economist-goodhart-cpi-11646837755

Ari Redbord is the head of legal and government affairs for the blockchain intelligence firm, TRM Labs. Prior to joining TRM Labs, Ari held public sector roles involving cryptocurrency and national security at the Department of Justice and U.S. Department of the Treasury. In this episode, Ari and Lee break down President Biden’s executive order on cryptocurrency.
Ari Redbord’s Twitter: @ARedbord
TRM Labs Twitter: @TRMLabs
 Lee’s Twitter: @leereiners
GFMC Twitter: @DukeGFMC
Related Links
*Executive Order on Ensuring Responsible Development of Digital Assets* https://www.whitehouse.gov/briefing-room/presidential-actions/2022/03/09/executive-order-on-ensuring-responsible-development-of-digital-assets/
*FACT SHEET: President Biden to Sign Executive Order on Ensuring Responsible Development of Digital Assets* https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/09/fact-sheet-president-biden-to-sign-executive-order-on-ensuring-responsible-innovation-in-digital-assets/ *Background Press Call by Senior Administration Officials on the President’s New Digital Assets Executive Order* https://www.whitehouse.gov/briefing-room/press-briefings/2022/03/09/background-press-call-by-senior-administration-officials-on-the-presidents-new-digital-assets-executive-order/
 

Barbara Haya directs the Berkeley Carbon Trading Project. Barbara joins Lee to explain what carbon offsets are and the considerations that must be addressed to ensure that offset credits entering into commerce reflect real, verifiable reductions in greenhouse gas emissions. Specifically, Barbara details why most offset programs issue more credits than they should, and recent policy efforts to bring greater integrity to the voluntary offset market.
 
Barbara’s Twitter: @Barbara_Haya
GFMC’s Twitter: @DukeGFMC
Lee’s Twitter: @leereiners
 
Related Links:
 
*POLICY BRIEF: The California Air Resources Board’s U.S. Forest offset protocol underestimates leakage* by Barbara Haya https://gspp.berkeley.edu/faculty-and-impact/working-papers/policy-brief-arbas-us-forest-projects-offset-protocol-underestimates-leaka
 
* Measuring Emissions Against an Alternative Future: Fundamental Flaws in the Structure of the Kyoto Protocol’s Clean Development Mechanism* by Barbara Haya https://gspp.berkeley.edu/faculty-and-impact/working-papers/measuring-emissions-against-an-alternative-future-fundamental-flaws-in-the-
Barbara Haya directs the Berkeley Carbon Trading Project. Barbara joins Lee to explain what carbon offsets are and the considerations that must be addressed to ensure that offset credits entering into commerce reflect real, verifiable reductions in greenhouse gas emissions. Specifically, Barbara details why most offset programs issue more credits than they should, and recent policy efforts to bring greater integrity to the voluntary offset market.
 
Barbara’s Twitter: @Barbara_Haya
GFMC’s Twitter: @DukeGFMC
Lee’s Twitter: @leereiners
 
Related Links:
 
*POLICY BRIEF: The California Air Resources Board’s U.S. Forest offset protocol underestimates leakage* by Barbara Haya https://gspp.berkeley.edu/faculty-and-impact/working-papers/policy-brief-arbas-us-forest-projects-offset-protocol-underestimates-leaka
 
* Measuring Emissions Against an Alternative Future: Fundamental Flaws in the Structure of the Kyoto Protocol’s Clean Development Mechanism* by Barbara Haya https://gspp.berkeley.edu/faculty-and-impact/working-papers/measuring-emissions-against-an-alternative-future-fundamental-flaws-in-the-

Jeremy Kress is Assistant Professor of Business Law at Michigan Ross and Co-Faculty Director of the University of Michigan’s Center on Finance, Law & Policy. Jeremy joins Lee to discuss how policymakers’ long-standing approach to bank antitrust—premised on consumer welfare—has reduced the cost and availability of basic financial services and ignores numerous non-price harms stemming from bank consolidation. Jeremy details how the Chicago school of antitrust and its focus on consumer welfare came to dominate bank merger review, the impact of fintech on bank competition, and recent policy actions that foreshadow a more stringent review of bank mergers going forward.
Jeremy’s Twitter: @Jeremy_Kress
GFMC’s Twitter: @DukeGFMC
Lee’s Twitter: @leereiners
 
Related Links:
 
* Modernizing Bank Merger Review* by Jeremy Kress https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3440914
 
 
* Reviving Bank Antitrust * by Jeremy Kress https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4039197
 
 
* Executive Order on Promoting Competition in the American* https://www.whitehouse.gov/briefing-room/presidential-actions/2021/07/09/executive-order-on-promoting-competition-in-the-american-economy/
 
 
* Antitrust Division Seeks Additional Public Comments on Bank Merger Competitive Analysis* U.S. Department of Justice https://www.justice.gov/opa/pr/antitrust-division-seeks-additional-public-comments-bank-merger-competitive-analysis
 
 
* Request for Public Comment on the Bank Merger Act* Joint Statement of Martin J. Gruenberg and Rohit Chopra, Members, FDIC Board of Directors https://files.consumerfinance.gov/f/documents/cfpb_bank-merger-act-rfi_joint-statement_2021-12.pdf

Mike Bloomberg is the Public Infrastructure Fellow at the NewCities Foundation and a Visiting Researcher with the Urban Tech Hub at Cornell Tech. In this episode, he examines the dark side of U.S. cities embracing cryptocurrency. Mike and Lee discuss how MiamiCoin and NYC Coin actually work, the nebulous legal relationship between these coins and the cities of Miami and New York, and why anyone would bother purchasing or mining these coins. They also discuss the legal and regulatory risks mayors are taking on by embracing crypto.
 
 
Mike’s Twitter: @BloombergME
GFMC’s Twitter: @DukeGFMC
Lee’s Twitter: @leereiners
 
Related Links:
 
CityCoins Website: https://www.citycoins.co/
*Money for nothing: Cities’ crypto push draws fans, critics* Associated Press: https://apnews.com/article/cryptocurrency-business-new-york-miami-coin-f076e0e8b80adf74fdeebaeae9188e70

Jay Brown and Kathleen Hamm are former board members of the Public Company Accounting Oversight Board, or PCAOB. Jay and Kathleen join Lee to discuss the origins of the PCAOB and the ongoing challenges the agency faces. Specifically, they discuss the role of auditors in overseeing non-financial reporting such as ESG disclosure, the difficulty in getting US-listed Chinese companies to comply with American auditing standards, and whether PCAOB standards adequately reflect the risks of a cyber incident at issuers or at the auditors themselves.  
Jay’s Profile: https://www.law.du.edu/about/people/j-robert-brown-jr
 
Kathleen’s Profile: https://en.wikipedia.org/wiki/Kathleen_Hamm
GFMC’s Twitter: @DukeGFMC
Lee’s Twitter: @leereiners