Jeremy Kress
@jeremykress.bsky.social
Associate Professor of Business Law, University of Michigan Ross School of Business. Views my own.
It would be nice if the other two Democratic appointees on the Fed Board cared about financial deregulation even just a little bit.
The Fed today voted to weaken its bank stress testing regime. I disagree with the substance of the rule, but I want to focus on Governor Barr's dissenting vote.
By my count, that's 14 dissents of the 47 rule or order votes taken by the Fed this year. No one else is anywhere close.
By my count, that's 14 dissents of the 47 rule or order votes taken by the Fed this year. No one else is anywhere close.
September 30, 2026 at 3:28 PM
It would be nice if the other two Democratic appointees on the Fed Board cared about financial deregulation even just a little bit.
The Federal Reserve has long played fast and loose with procedural safeguards that ensure open and unbiased rule making in the public interest. That practice has only worsened under this administration.
I'm glad to see Better Markets holding the Fed to account.
I'm glad to see Better Markets holding the Fed to account.
BREAKING: We are suing the Federal Reserve—and its Vice Chair for Supervision, Michelle Bowman—for corruptly colluding with Wall Street's biggest banks to rig the rules that are supposed to protect Main Street Americans. Link to the full announcement below.
September 10, 2026 at 5:12 PM
The Federal Reserve has long played fast and loose with procedural safeguards that ensure open and unbiased rule making in the public interest. That practice has only worsened under this administration.
I'm glad to see Better Markets holding the Fed to account.
I'm glad to see Better Markets holding the Fed to account.
Come work with me! Michigan Ross is hiring a tenure-track Assistant Professor of Business Law to start in Fall 2027.
I love teaching at Ross and am excited to add a rising star to our business law group.
Check out the job posting or contact me for more info: careers.umich.edu/job_detail/2...
I love teaching at Ross and am excited to add a rising star to our business law group.
Check out the job posting or contact me for more info: careers.umich.edu/job_detail/2...
Assistant Professor of Business Law | U-M Careers
careers.umich.edu
September 10, 2026 at 3:52 PM
Come work with me! Michigan Ross is hiring a tenure-track Assistant Professor of Business Law to start in Fall 2027.
I love teaching at Ross and am excited to add a rising star to our business law group.
Check out the job posting or contact me for more info: careers.umich.edu/job_detail/2...
I love teaching at Ross and am excited to add a rising star to our business law group.
Check out the job posting or contact me for more info: careers.umich.edu/job_detail/2...
Reposted by Jeremy Kress
For more than a decade, Congress has passed laws to rein in Wall Street, and the Federal Reserve has just ignored them. It's a fourth branch of government playing by its own rules, and we don't talk about it enough. Carter Dougherty has the story.
prospect.org/2026/09/03/f...
prospect.org/2026/09/03/f...
The Lawless Fed - The American Prospect
The central bank specializes in not following laws meant to restrain Wall Street.
prospect.org
September 3, 2026 at 1:55 PM
For more than a decade, Congress has passed laws to rein in Wall Street, and the Federal Reserve has just ignored them. It's a fourth branch of government playing by its own rules, and we don't talk about it enough. Carter Dougherty has the story.
prospect.org/2026/09/03/f...
prospect.org/2026/09/03/f...
Reposted by Jeremy Kress
The Trump administration's Wall Street deregulation isn't just bad policy. As @jeremykress.bsky.social and I explain in a forthcoming essay, much of it is likely illegal.
The big question is who can and will do anything to challenge it before the risks go too far.
papers.ssrn.com/sol3/papers....
The big question is who can and will do anything to challenge it before the risks go too far.
papers.ssrn.com/sol3/papers....
August 24, 2026 at 1:54 PM
The Trump administration's Wall Street deregulation isn't just bad policy. As @jeremykress.bsky.social and I explain in a forthcoming essay, much of it is likely illegal.
The big question is who can and will do anything to challenge it before the risks go too far.
papers.ssrn.com/sol3/papers....
The big question is who can and will do anything to challenge it before the risks go too far.
papers.ssrn.com/sol3/papers....
Dodd-Frank was signed into law 16 years ago today.
That means regulators are now ~15 years late issuing incentive compensation, source of strength & early remediation rules.
These rules could've helped prevent SVB. Instead of another report, regulators should just do the work Congress assigned.
That means regulators are now ~15 years late issuing incentive compensation, source of strength & early remediation rules.
These rules could've helped prevent SVB. Instead of another report, regulators should just do the work Congress assigned.
July 21, 2026 at 2:03 PM
Dodd-Frank was signed into law 16 years ago today.
That means regulators are now ~15 years late issuing incentive compensation, source of strength & early remediation rules.
These rules could've helped prevent SVB. Instead of another report, regulators should just do the work Congress assigned.
That means regulators are now ~15 years late issuing incentive compensation, source of strength & early remediation rules.
These rules could've helped prevent SVB. Instead of another report, regulators should just do the work Congress assigned.
This, from Barrett's dissent in Cook, is among the many critical questions unanswered by Roberts' majority opinion.
What happens when a Dem president in 2029 orders Warsh to increase bank capital requirements? Deny a bank merger? Break up JPMorgan?
Roberts doesn't say.
What happens when a Dem president in 2029 orders Warsh to increase bank capital requirements? Deny a bank merger? Break up JPMorgan?
Roberts doesn't say.
June 30, 2026 at 1:21 PM
This, from Barrett's dissent in Cook, is among the many critical questions unanswered by Roberts' majority opinion.
What happens when a Dem president in 2029 orders Warsh to increase bank capital requirements? Deny a bank merger? Break up JPMorgan?
Roberts doesn't say.
What happens when a Dem president in 2029 orders Warsh to increase bank capital requirements? Deny a bank merger? Break up JPMorgan?
Roberts doesn't say.
We’re going to need to get comfortable referring to today’s decision as Cook I because you can bet your ass there’s going to be a Cook II.
June 29, 2026 at 9:27 PM
We’re going to need to get comfortable referring to today’s decision as Cook I because you can bet your ass there’s going to be a Cook II.
When your defense of speaking at a regulated bank’s private dinner during a blackout period is “we only talked about regulatory policy,” I think you’ve lost the plot.
June 19, 2026 at 6:40 PM
When your defense of speaking at a regulated bank’s private dinner during a blackout period is “we only talked about regulatory policy,” I think you’ve lost the plot.
[email protected] and I filed a comment letter today contending that the latest Basel capital proposals are unlawful.
The Collins Amendment requires big-bank capital rules to be at least as strong as small banks'. These proposals illegally flout that congressional mandate.
The Collins Amendment requires big-bank capital rules to be at least as strong as small banks'. These proposals illegally flout that congressional mandate.
June 18, 2026 at 2:13 PM
[email protected] and I filed a comment letter today contending that the latest Basel capital proposals are unlawful.
The Collins Amendment requires big-bank capital rules to be at least as strong as small banks'. These proposals illegally flout that congressional mandate.
The Collins Amendment requires big-bank capital rules to be at least as strong as small banks'. These proposals illegally flout that congressional mandate.
Sequels are always worse than the original, and Trump's FSOC guidance is no exception.
Today I submitted a comment letter on behalf of a group of legal scholars opposing the new guidance, which is somehow even more ass-backward than the original version FSOC adopted in 2019.
Today I submitted a comment letter on behalf of a group of legal scholars opposing the new guidance, which is somehow even more ass-backward than the original version FSOC adopted in 2019.
May 14, 2026 at 12:28 PM
Sequels are always worse than the original, and Trump's FSOC guidance is no exception.
Today I submitted a comment letter on behalf of a group of legal scholars opposing the new guidance, which is somehow even more ass-backward than the original version FSOC adopted in 2019.
Today I submitted a comment letter on behalf of a group of legal scholars opposing the new guidance, which is somehow even more ass-backward than the original version FSOC adopted in 2019.
So, I wrote about bank mergers (again).
My new book chapter looks back on my time overhauling bank merger oversight in the Biden administration, examines the Trump admin's partial dismantling of our changes, and charts a path forward for future reforms.
papers.ssrn.com/sol3/papers....
My new book chapter looks back on my time overhauling bank merger oversight in the Biden administration, examines the Trump admin's partial dismantling of our changes, and charts a path forward for future reforms.
papers.ssrn.com/sol3/papers....
May 5, 2026 at 7:32 PM
So, I wrote about bank mergers (again).
My new book chapter looks back on my time overhauling bank merger oversight in the Biden administration, examines the Trump admin's partial dismantling of our changes, and charts a path forward for future reforms.
papers.ssrn.com/sol3/papers....
My new book chapter looks back on my time overhauling bank merger oversight in the Biden administration, examines the Trump admin's partial dismantling of our changes, and charts a path forward for future reforms.
papers.ssrn.com/sol3/papers....
Reposted by Jeremy Kress
I started by asking "What is financialization?" And then I started to see it everywhere. My latest for @rooseveltinstitute.org. This will be the subject of future work!
rooseveltinstitute.org/blog/what-is...
rooseveltinstitute.org/blog/what-is...
April 22, 2026 at 5:03 PM
I started by asking "What is financialization?" And then I started to see it everywhere. My latest for @rooseveltinstitute.org. This will be the subject of future work!
rooseveltinstitute.org/blog/what-is...
rooseveltinstitute.org/blog/what-is...
It remains a mystery how the Fed is supposed to be independent for one purpose, but not for others.
If independence over bank regulation/supervision is undesirable or unconstitutional, the Fed should be stripped of its authority.
If independence over bank regulation/supervision is undesirable or unconstitutional, the Fed should be stripped of its authority.
April 20, 2026 at 5:51 PM
It remains a mystery how the Fed is supposed to be independent for one purpose, but not for others.
If independence over bank regulation/supervision is undesirable or unconstitutional, the Fed should be stripped of its authority.
If independence over bank regulation/supervision is undesirable or unconstitutional, the Fed should be stripped of its authority.
Regulators could keep capital in the banking system, ensuring that it supports lending and strengthens the economy.
Instead, they're letting banks go on a stock buyback spending spree, diverting capital from where it's actually needed.
www.ft.com/content/67d4...
Instead, they're letting banks go on a stock buyback spending spree, diverting capital from where it's actually needed.
www.ft.com/content/67d4...
US banks make record buybacks on Trump’s looser rules and choppy markets
Six largest lenders spend $33bn on shares, smashing market forecasts
www.ft.com
April 15, 2026 at 2:31 PM
Regulators could keep capital in the banking system, ensuring that it supports lending and strengthens the economy.
Instead, they're letting banks go on a stock buyback spending spree, diverting capital from where it's actually needed.
www.ft.com/content/67d4...
Instead, they're letting banks go on a stock buyback spending spree, diverting capital from where it's actually needed.
www.ft.com/content/67d4...
Instead of “quietly asking,” Treasury could demand standardized, usable and comparable financial data from private credit firms.
But that would require a functional Office of Financial Research, which Bessent has gutted.
But that would require a functional Office of Financial Research, which Bessent has gutted.
First in the VAULT: The Treasury Department has begun quietly asking private credit firms to submit information detailing their business models and ties to the regulated financial system.
@brendanpedersen.bsky.social has the scoop:
punchbowl.news/article/vaul...
@brendanpedersen.bsky.social has the scoop:
punchbowl.news/article/vaul...
Vault: Treasury quietly asks private credit firms for data
Treasury has begun quietly asking private credit firms to submit information detailing their business models and ties to the regulated financial system.
punchbowl.news
April 15, 2026 at 2:04 PM
Instead of “quietly asking,” Treasury could demand standardized, usable and comparable financial data from private credit firms.
But that would require a functional Office of Financial Research, which Bessent has gutted.
But that would require a functional Office of Financial Research, which Bessent has gutted.
Dude, just take the L
Jeanine Pirro: "The judge has neutered the grand jury's ability to investigate crime. As a result, Jerome Powell today is now bathed in immunity preventing my office from investigating the Federal Reserve. This is wrong and it is without legal authority."
March 13, 2026 at 7:58 PM
Dude, just take the L
I read Bowman's speech to mean that the biggest winners will be the "DSIBs" - super-regionals with $250B+ assets.
She suggests they will see more than a "modest" decrease in capital requirements.
That's an odd policy to roll out on the 3rd anniversary of SVB's failure...
She suggests they will see more than a "modest" decrease in capital requirements.
That's an odd policy to roll out on the 3rd anniversary of SVB's failure...
March 12, 2026 at 3:39 PM
I read Bowman's speech to mean that the biggest winners will be the "DSIBs" - super-regionals with $250B+ assets.
She suggests they will see more than a "modest" decrease in capital requirements.
That's an odd policy to roll out on the 3rd anniversary of SVB's failure...
She suggests they will see more than a "modest" decrease in capital requirements.
That's an odd policy to roll out on the 3rd anniversary of SVB's failure...
New paper alert!
My latest, "Enforcing the Community Reinvestment Act," with Jeff Zhang, is forthcoming in @washulawreview.bsky.social.
TL;DR: Using 20 years of data, we find that CRA enforcement does not incentivize banks to invest in low-income communities.
papers.ssrn.com/sol3/papers....
My latest, "Enforcing the Community Reinvestment Act," with Jeff Zhang, is forthcoming in @washulawreview.bsky.social.
TL;DR: Using 20 years of data, we find that CRA enforcement does not incentivize banks to invest in low-income communities.
papers.ssrn.com/sol3/papers....
March 5, 2026 at 4:41 PM
New paper alert!
My latest, "Enforcing the Community Reinvestment Act," with Jeff Zhang, is forthcoming in @washulawreview.bsky.social.
TL;DR: Using 20 years of data, we find that CRA enforcement does not incentivize banks to invest in low-income communities.
papers.ssrn.com/sol3/papers....
My latest, "Enforcing the Community Reinvestment Act," with Jeff Zhang, is forthcoming in @washulawreview.bsky.social.
TL;DR: Using 20 years of data, we find that CRA enforcement does not incentivize banks to invest in low-income communities.
papers.ssrn.com/sol3/papers....
In Senate testimony last week, Comptroller Jonathan Gould defended his handling of the Trump family's bank charter application by praising his agency's "superb professional" staff.
This week, he busted their union.
This week, he busted their union.
The Office of the Comptroller of the Currency told employees that it is canceling the agency’s collective bargaining agreement, according to an internal email obtained by Bloomberg Law.
OCC Cancels Collective Bargaining Agreement in Trump Union Push
The Office of the Comptroller of the Currency told employees that it is canceling the agency’s collective bargaining agreement, according to an internal email obtained by Bloomberg Law.
bit.ly
March 4, 2026 at 3:31 PM
In Senate testimony last week, Comptroller Jonathan Gould defended his handling of the Trump family's bank charter application by praising his agency's "superb professional" staff.
This week, he busted their union.
This week, he busted their union.
Jonathan Gould, getting politics out of bank regulation.
Trump Grifting 101
Step 1: Silicon Valley Billionaire donates to the Trump campaign
Step 2: Raises funds for a new bank promising his "political network" will get it done
Step 3: Submits bank charter
Step 4: Gets it approved rapidly + celebrates with Trump's bank regulator:
Step 1: Silicon Valley Billionaire donates to the Trump campaign
Step 2: Raises funds for a new bank promising his "political network" will get it done
Step 3: Submits bank charter
Step 4: Gets it approved rapidly + celebrates with Trump's bank regulator:
February 27, 2026 at 8:30 PM
Jonathan Gould, getting politics out of bank regulation.
Jay Powell’s legacy on bank regulation: letting the fox guard the henhouse.
subscriber.politicopro.com/article/2026...
subscriber.politicopro.com/article/2026...
POLITICO Pro: Wall Street lawyer to head Federal Reserve department of supervision
Randall Guynn will be the first head of supervision to have spent most of their career outside the central bank in decades.
subscriber.politicopro.com
February 24, 2026 at 10:03 PM
Jay Powell’s legacy on bank regulation: letting the fox guard the henhouse.
subscriber.politicopro.com/article/2026...
subscriber.politicopro.com/article/2026...
The "stop politicizing banks" administration wants banks to be immigration agents. 🫠
h/t @grahamsteele.bsky.social
www.wsj.com/politics/pol...
h/t @grahamsteele.bsky.social
www.wsj.com/politics/pol...
Exclusive | Trump Administration Considers Requiring Banks to Collect Citizenship Information
A potential executive order would enlist banks in the Trump administration’s illegal-immigration crackdown.
www.wsj.com
February 24, 2026 at 9:08 PM
The "stop politicizing banks" administration wants banks to be immigration agents. 🫠
h/t @grahamsteele.bsky.social
www.wsj.com/politics/pol...
h/t @grahamsteele.bsky.social
www.wsj.com/politics/pol...