Jeremy Kress
@jeremykress.bsky.social
Associate Professor of Business Law, University of Michigan Ross School of Business. Views my own.
You wouldn’t know it from reading the eSLR rule the banking agencies finalized today, but a majority of public commenters opposed the proposal.
The agencies just DGAF.
The agencies just DGAF.
By my count, a solid majority of the comment letters on the banking agencies' supplementary leverage ratio proposal oppose the rule.
Definitely inconsistent with Powell's standard that final rules should have "broad support among the broader community of commenters on all sides."
Definitely inconsistent with Powell's standard that final rules should have "broad support among the broader community of commenters on all sides."
November 25, 2025 at 8:37 PM
You wouldn’t know it from reading the eSLR rule the banking agencies finalized today, but a majority of public commenters opposed the proposal.
The agencies just DGAF.
The agencies just DGAF.
I've requested the extension of three comment periods this year, and the banking agencies have rejected me every time.
Now bank lobbyists request the extension of the comment period to further water down the stress tests, and they get all the time they asked for. 🫠
Now bank lobbyists request the extension of the comment period to further water down the stress tests, and they get all the time they asked for. 🫠
November 21, 2025 at 6:52 PM
I've requested the extension of three comment periods this year, and the banking agencies have rejected me every time.
Now bank lobbyists request the extension of the comment period to further water down the stress tests, and they get all the time they asked for. 🫠
Now bank lobbyists request the extension of the comment period to further water down the stress tests, and they get all the time they asked for. 🫠
The Federal Reserve demonstrates its commitment to transparency by publishing Bowman’s supervision rollback memo two weeks after it was written and the day after it was exposed by the New York Times.
Great work, team! 👏
Great work, team! 👏
@federalreserve.gov releases information regarding enhancements to bank supervision: www.federalreserve.gov/newsevents/p...
Federal Reserve Board releases information regarding enhancements to bank supervision
The Federal Reserve Board on Tuesday released information regarding enhancements to bank supervision. The new supervisory operating principles were provided to
www.federalreserve.gov
November 18, 2025 at 2:18 PM
The Federal Reserve demonstrates its commitment to transparency by publishing Bowman’s supervision rollback memo two weeks after it was written and the day after it was exposed by the New York Times.
Great work, team! 👏
Great work, team! 👏
Reposted by Jeremy Kress
A huge challenge we are about to face, especially with regard to the economy, is that underneath all of the brazen, unbelievable chaos and corruption, normalized deregulation has quietly thrived.
A crisis is coming but it's hard to hear the smoke alarms over the sound of the roof collapsing.
A crisis is coming but it's hard to hear the smoke alarms over the sound of the roof collapsing.
Some truly astonishing diktaks in this Bowman memo.
At least the FDIC and OCC are putting their supervisory rollbacks through notice-and-comment - not hiding them in confidential memos like the Fed.
At least the FDIC and OCC are putting their supervisory rollbacks through notice-and-comment - not hiding them in confidential memos like the Fed.
NEW: Top supervisors at the Fed's 12 reserve banks and senior staff in Washington received a memo on Oct 29 with directives fundamentally changing how the central bank oversees banks
It is part of a sweeping overhaul led by Bowman
🎁🔗 www.nytimes.com/2025/11/17/b... @nytimes.com
It is part of a sweeping overhaul led by Bowman
🎁🔗 www.nytimes.com/2025/11/17/b... @nytimes.com
November 17, 2025 at 11:13 PM
A huge challenge we are about to face, especially with regard to the economy, is that underneath all of the brazen, unbelievable chaos and corruption, normalized deregulation has quietly thrived.
A crisis is coming but it's hard to hear the smoke alarms over the sound of the roof collapsing.
A crisis is coming but it's hard to hear the smoke alarms over the sound of the roof collapsing.
Some truly astonishing diktaks in this Bowman memo.
At least the FDIC and OCC are putting their supervisory rollbacks through notice-and-comment - not hiding them in confidential memos like the Fed.
At least the FDIC and OCC are putting their supervisory rollbacks through notice-and-comment - not hiding them in confidential memos like the Fed.
NEW: Top supervisors at the Fed's 12 reserve banks and senior staff in Washington received a memo on Oct 29 with directives fundamentally changing how the central bank oversees banks
It is part of a sweeping overhaul led by Bowman
🎁🔗 www.nytimes.com/2025/11/17/b... @nytimes.com
It is part of a sweeping overhaul led by Bowman
🎁🔗 www.nytimes.com/2025/11/17/b... @nytimes.com
Wall Street’s Top Cop Ushers In Lighter-Touch Oversight of Banks
www.nytimes.com
November 17, 2025 at 10:43 PM
Some truly astonishing diktaks in this Bowman memo.
At least the FDIC and OCC are putting their supervisory rollbacks through notice-and-comment - not hiding them in confidential memos like the Fed.
At least the FDIC and OCC are putting their supervisory rollbacks through notice-and-comment - not hiding them in confidential memos like the Fed.
This is a preposterously poorly reasoned final rule that will let the 36 largest U.S. banks off the hook for their management failures.
Inexplicable that two Democratic Fed appointees supported it.
Inexplicable that two Democratic Fed appointees supported it.
@federalreserve.gov finalizes changes to its supervisory rating framework for large bank holding companies: www.federalreserve.gov/newsevents/p...
Federal Reserve Board finalizes changes to its supervisory rating framework for large bank holding companies
The Federal Reserve Board on Wednesday finalized changes to its supervisory rating framework for large bank holding companies. The finalized framework is subst
www.federalreserve.gov
November 5, 2025 at 10:48 PM
This is a preposterously poorly reasoned final rule that will let the 36 largest U.S. banks off the hook for their management failures.
Inexplicable that two Democratic Fed appointees supported it.
Inexplicable that two Democratic Fed appointees supported it.
"There is simply no legal requirement to turn the stress test into an open-book exam where banks get to help pick the questions. This is a policy choice, and a bad one at that." -- Me, being grumpy about the Fed capitulating to the banks, yet again
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
Stress Tests Give Banks More Say on Criteria in Fed’s Proposal
Wall Street lenders would get an early peek into criteria for upcoming stress tests under a new plan being considered by the Federal Reserve to overhaul its marquee exam.
www.bloomberg.com
October 24, 2025 at 7:51 PM
"There is simply no legal requirement to turn the stress test into an open-book exam where banks get to help pick the questions. This is a policy choice, and a bad one at that." -- Me, being grumpy about the Fed capitulating to the banks, yet again
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
Inexplicable that Lisa Cook continues to support harmful bank deregulation by the administration that's trying to illegally fire her. SMDH.
www.federalreserve.gov/aboutthefed/...
www.federalreserve.gov/aboutthefed/...
October 24, 2025 at 7:32 PM
Inexplicable that Lisa Cook continues to support harmful bank deregulation by the administration that's trying to illegally fire her. SMDH.
www.federalreserve.gov/aboutthefed/...
www.federalreserve.gov/aboutthefed/...
Despite what the Fed claims, there is no legal requirement to turn the stress test into an open-book exam where the banks get to help pick the questions. This is a policy choice, and a bad one at that.
The Fed is making its stress tests more transparent following a lawsuit from the country's biggest banks. The proposal has broad support, but Barr (fmr VC for supervision) says it will make the financial system less safe
www.nytimes.com/2025/10/24/b... @stacycowley.bsky.social @nytimes.com
www.nytimes.com/2025/10/24/b... @stacycowley.bsky.social @nytimes.com
Fed Prepares Bank-Friendly Changes to Annual Stress Tests
www.nytimes.com
October 24, 2025 at 6:01 PM
Despite what the Fed claims, there is no legal requirement to turn the stress test into an open-book exam where the banks get to help pick the questions. This is a policy choice, and a bad one at that.
Reminds me of a cartoon a colleague once taped to my door.
October 24, 2025 at 1:38 PM
Reminds me of a cartoon a colleague once taped to my door.
Earlier this year, JPMorgan refused to comply with new nonbank lending disclosure requirements [left].
Today, JPMorgan attributed recent turmoil in bank stocks to "very poor" nonbank lending disclosure [right].
🫠
Today, JPMorgan attributed recent turmoil in bank stocks to "very poor" nonbank lending disclosure [right].
🫠
October 20, 2025 at 2:48 PM
Earlier this year, JPMorgan refused to comply with new nonbank lending disclosure requirements [left].
Today, JPMorgan attributed recent turmoil in bank stocks to "very poor" nonbank lending disclosure [right].
🫠
Today, JPMorgan attributed recent turmoil in bank stocks to "very poor" nonbank lending disclosure [right].
🫠
Reposted by Jeremy Kress
A deeply unserious statement on the Fed’s decision today to ignore the financial implications of climate change from the supposedly moderate, institutionalist candidate to be the next Fed chair.
October 16, 2025 at 7:24 PM
A deeply unserious statement on the Fed’s decision today to ignore the financial implications of climate change from the supposedly moderate, institutionalist candidate to be the next Fed chair.
The Fed, FDIC, and OCC proposed climate-related financial risk management principles for public comment before adopting them in 2023.
Today, the agencies rescinded them with no notice and comment.
Once again, the APA only applies in one direction. SMDH.
www.federalreserve.gov/newsevents/p...
Today, the agencies rescinded them with no notice and comment.
Once again, the APA only applies in one direction. SMDH.
www.federalreserve.gov/newsevents/p...
Agencies announce withdrawal of principles for climate-related financial risk management
The federal bank regulatory agencies today announced the withdrawal of interagency Principles for Climate-Related Financial Risk Management for Large Financial
www.federalreserve.gov
October 16, 2025 at 7:13 PM
The Fed, FDIC, and OCC proposed climate-related financial risk management principles for public comment before adopting them in 2023.
Today, the agencies rescinded them with no notice and comment.
Once again, the APA only applies in one direction. SMDH.
www.federalreserve.gov/newsevents/p...
Today, the agencies rescinded them with no notice and comment.
Once again, the APA only applies in one direction. SMDH.
www.federalreserve.gov/newsevents/p...
Bookmarking for later this week when the Fed proposes further weakening the stress test “to boost lending.”
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
Banks’ Stock Buybacks Jump $10 Billion After Easier Fed Test
Four of the biggest US banks almost doubled their stock buybacks in the first full quarter following the Federal Reserve’s annual stress test, which the lenders all comfortably passed in June.
www.bloomberg.com
October 15, 2025 at 11:24 AM
Bookmarking for later this week when the Fed proposes further weakening the stress test “to boost lending.”
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
All of these Domestic Systemically Important Bank mergers might be less objectionable if regulators had done *literally anything* to improve DSIB regulation in the aftermath of March 2023.
Fifth Third to buy Comerica in $10.9 billion deal reut.rs/48mFBPH
Fifth Third to buy Comerica in $10.9 billion deal
Fifth Third said on Monday it will buy regional lender Comerica in a deal valued at $10.9 billion.
reut.rs
October 6, 2025 at 11:55 AM
All of these Domestic Systemically Important Bank mergers might be less objectionable if regulators had done *literally anything* to improve DSIB regulation in the aftermath of March 2023.
Important story about what we lose when a handful of behemoths dominate the banking system.
“We don’t talk much about small businesses with enduring financial needs that have been forced into shotgun weddings with soulless institutions that are disinterested in their futures.”
“We don’t talk much about small businesses with enduring financial needs that have been forced into shotgun weddings with soulless institutions that are disinterested in their futures.”
Half of all companies in the US use big banks as their primary financial services provider. I document two cases where small businesses were ruined by their big bank. The loss of relationship lending has a cost. 🧵
prospect.org/economy/2025...
prospect.org/economy/2025...
Big Banks Behaving Badly
Decades of consolidation have made large financial institutions the primary partners for small businesses. Two case studies show how this can go awry.
prospect.org
September 25, 2025 at 1:16 AM
Important story about what we lose when a handful of behemoths dominate the banking system.
“We don’t talk much about small businesses with enduring financial needs that have been forced into shotgun weddings with soulless institutions that are disinterested in their futures.”
“We don’t talk much about small businesses with enduring financial needs that have been forced into shotgun weddings with soulless institutions that are disinterested in their futures.”
Reposted by Jeremy Kress
With the US potentially coming to Argentina's financial rescue, I'm sharing my new paper on "Financial Statecraft."
It critiques the government's deployment of the banking system for geopolitical purposes and proposes reforms to rebalance public and private power.
papers.ssrn.com/sol3/papers....
It critiques the government's deployment of the banking system for geopolitical purposes and proposes reforms to rebalance public and private power.
papers.ssrn.com/sol3/papers....
September 23, 2025 at 3:19 PM
With the US potentially coming to Argentina's financial rescue, I'm sharing my new paper on "Financial Statecraft."
It critiques the government's deployment of the banking system for geopolitical purposes and proposes reforms to rebalance public and private power.
papers.ssrn.com/sol3/papers....
It critiques the government's deployment of the banking system for geopolitical purposes and proposes reforms to rebalance public and private power.
papers.ssrn.com/sol3/papers....
Reposted by Jeremy Kress
Kate Judge, Co-Chair, Better Markets Academic Advisory Board & Columbia Law Prof. joins @jeremykress.bsky.social, Assoc. Professor U-M Business and Co-Faculty Dir. U-M Ctr on Finance, Law & Policy; @skandaamarnath.bsky.social, Exec. Dir. @employamerica.bsky.social to discuss what's next for the Fed.
September 19, 2025 at 2:56 PM
Kate Judge, Co-Chair, Better Markets Academic Advisory Board & Columbia Law Prof. joins @jeremykress.bsky.social, Assoc. Professor U-M Business and Co-Faculty Dir. U-M Ctr on Finance, Law & Policy; @skandaamarnath.bsky.social, Exec. Dir. @employamerica.bsky.social to discuss what's next for the Fed.
May help explain why Bessent threatened to punch Pulte “in his fucking face”?
(Bloomberg) - US Treasury Secretary Scott Bessent once agreed to occupy two different houses as his “principal residence” at the same time, mortgage documents show — the same kind of contradictory pledges that .. Trump has been using to try to oust .. Lisa Cook.
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
September 17, 2025 at 1:05 PM
May help explain why Bessent threatened to punch Pulte “in his fucking face”?
Looking forward to speaking at this event on Friday, where I will try to answer the question, "What's Next for the Federal Reserve?" 👇
This week! Join us on Friday, September 19 for the State of Economic & Financial Policymaking Conference, hosted by our Academic Advisory Board—bold ideas, expert panels. bettermarkets.org/analysis/bet...
September 16, 2025 at 8:08 PM
Looking forward to speaking at this event on Friday, where I will try to answer the question, "What's Next for the Federal Reserve?" 👇
The story tonight is not that Gov. Cook gets to vote this week.
The Katsas dissent is *the* story.
That the only Trump-appointed judge to opine on this case would effectively eliminate Fed independence is an ominous sign for what SCOTUS may ultimately do…
The Katsas dissent is *the* story.
That the only Trump-appointed judge to opine on this case would effectively eliminate Fed independence is an ominous sign for what SCOTUS may ultimately do…
BREAKING: The DC Circuit has *rejected* Trump's bid to fire Lisa Cook from the Fed board, allowing her to participate in tomorrow's interest-rate setting meeting.
Trump's last hope is a quick stay from SCOTUS. storage.courtlistener.com/recap/gov.us...
Trump's last hope is a quick stay from SCOTUS. storage.courtlistener.com/recap/gov.us...
September 16, 2025 at 1:15 AM
The story tonight is not that Gov. Cook gets to vote this week.
The Katsas dissent is *the* story.
That the only Trump-appointed judge to opine on this case would effectively eliminate Fed independence is an ominous sign for what SCOTUS may ultimately do…
The Katsas dissent is *the* story.
That the only Trump-appointed judge to opine on this case would effectively eliminate Fed independence is an ominous sign for what SCOTUS may ultimately do…
I was delighted to contribute to the Yale JREG symposium on @seanvanatta.bsky.social and @petercontibrown.bsky.social's excellent new book.
My essay examines what the book can teach us about efforts to eliminate management ratings from the supervisory toolkit.
www.yalejreg.com/nc/in-defens...
My essay examines what the book can teach us about efforts to eliminate management ratings from the supervisory toolkit.
www.yalejreg.com/nc/in-defens...
www.yalejreg.com
September 12, 2025 at 5:34 PM
I was delighted to contribute to the Yale JREG symposium on @seanvanatta.bsky.social and @petercontibrown.bsky.social's excellent new book.
My essay examines what the book can teach us about efforts to eliminate management ratings from the supervisory toolkit.
www.yalejreg.com/nc/in-defens...
My essay examines what the book can teach us about efforts to eliminate management ratings from the supervisory toolkit.
www.yalejreg.com/nc/in-defens...
Nobel laureate Peter Diamond's Fed nomination languished in the Senate for more than a year.
Stephan Miran is going to get confirmed in less than two weeks.
Stephan Miran is going to get confirmed in less than two weeks.
ML Thune filed cloture Executive Calendar #366, Stephan Miran, of New York, to be a member of the Board of Governors for the Federal Reserve System.
September 12, 2025 at 12:40 PM
Nobel laureate Peter Diamond's Fed nomination languished in the Senate for more than a year.
Stephan Miran is going to get confirmed in less than two weeks.
Stephan Miran is going to get confirmed in less than two weeks.
Today, the FSOC cut its own budget by >30%.
The FSOC is funded through fees paid by large financial institutions, so this saves taxpayers $0.
home.treasury.gov/policy-issue...
The FSOC is funded through fees paid by large financial institutions, so this saves taxpayers $0.
home.treasury.gov/policy-issue...
September 10, 2025 at 10:41 PM
Today, the FSOC cut its own budget by >30%.
The FSOC is funded through fees paid by large financial institutions, so this saves taxpayers $0.
home.treasury.gov/policy-issue...
The FSOC is funded through fees paid by large financial institutions, so this saves taxpayers $0.
home.treasury.gov/policy-issue...
I am very much done with the histrionics about *Biden* politicizing the Fed.
Senate Banking approves Miran nomination on party line vote, 13-11. Now goes to the floor. @bloomberg.com reporting a likely confirmation vote on Monday. FOMC meeting begins Tuesday.
September 10, 2025 at 2:31 PM
I am very much done with the histrionics about *Biden* politicizing the Fed.