Macro Musings with David Beckworth Peter Conti-Brown and Sean Vanatta on the History of Bank Supervision in America
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Jun 9, 2025 Peter Conti-Brown, a historian and legal scholar of the Federal Reserve, and Sean Vanatta, a financial history expert, explore their new book on bank supervision in America. They draw intriguing parallels between powerlifting and economic policy, highlighting concepts like hysteresis. The discussion also delves into the implications of the Supreme Court's Trump v. Wilcox ruling on the Fed's independence. Listeners will discover the evolution of bank regulation and the challenges of oversight in light of recent banking crises.
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Powerlifting Origins and Growth
- Peter Conti-Brown was hesitant at first when Sean Vanatta introduced him to powerlifting, thinking it might cause injury.
- After a year of training, Peter gained significant muscle, changing perceptions in his seminar environment.
Powerlifting as Economic Analogy
- Strategic economic policy changes can cause temporary setbacks akin to training shifts in powerlifting.
- Thoughtful adjustments can lead to long-term economic growth without permanent damage.
Fed's Unique Legal Structure
- The Supreme Court ruled the Fed is a unique quasi-private entity, limiting presidential firing power over governors.
- Historical analogies used in the ruling are disputed by scholars as inaccurate regarding the Fed's structure.