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FinRegRag is the Mercatus Center's ongoing and informal discussion of all things financial regulation.

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Latest Issues

Is U.S. Economic Dominance at Risk?

Introduction and Outlook

The U.S. economy has performed exceptionally well through the first half of the year. By several measures, economic activity remains robust. Private nonresidential investment, boosted by favorable changes in t...

9 days ago
13
1

Chairman Warsh’s Dilemma

Chairman Warsh, June 2026. Source.

  • Fed Chairman Kevin Warsh has inherited a dilemma that no FOMC can solve with monetary policy alone.

  • So long as Congress runs fiscal deficits of 6% of GDP and the federal debt-to-GDP ratio continu...

15 days ago
22
5

The Fed’s Balance Sheet Girth: A Symptom, Not the Problem

Cartoon created with ChatGPT 5.5

  • The Fed’s large balance sheet is not the problem but a symptom of the problem.

  • The problem is that the U.S. fiscal authority is running annual deficits of $2 trillion.

  • The problem is that the...

a month ago
15
2

Capital Strength: The Long Game

The Systemic Risk Council (SRC), of which I am a member, recently filed a comment with the banking agencies regarding their proposed rule that would reduce capital levels for the Nation’s largest banks. While the SRC’s comment recognizes so...

a month ago
15
1

Evolving Private Credit

Pieter Bruegel the Elder - Landscape with the Fall of Icarus

In recent months much has been written regarding the rapid growth of private credit (PC) and related risks incubating within the financial system. This concern has been intensifi...

2 months ago
14

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  • The Mercatus Center

    The Mercatus Center at George Mason University is the world’s premier university source for market-oriented ideas

  • FinRegRag
  • Thomas Hoenig

    Distinguished Senior Fellow at the Mercatus Center, George Mason University, Former President of the Federal Reserve Bank of Kansas City, Former Vice-Chair of the FDIC.

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