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6 Dec, 5 tweets, 2 min read
“It’s ironic that we have been beating up on big banks for years but today they may be the relative good guys.”

Capital has spread out from banks, becoming more concentrated and more capillary.

How will regulators who came of age in 2008 respond?

prospect.org/economy/what-t…
Rohit Chopra at the CFPB is attempting a delicate pincer movement: crack down on fintech insurgents while also addressing problems that have long plagued conventional banking.

Chopra aims to “restore relationship banking in an era of big data.”

prospect.org/economy/what-t…
There is not a single systemically important non-bank in the U.S. today, to hear the Financial Stability Oversight Council tell it.

Biden’s FSOC could revive discretionary oversight for insurers and firms like BlackRock. Instead it has kept with Trump-era “activities regulation”
The Treasury’s new Assistant Secretary for Financial Institutions @steelewheelz has argued for breaking up BlackRock.

Powell tapped BlackRock to run emergency securities purchasing programs “due to the urgency and the need for their expertise.”

economicliberties.us/press-release/…
The debate over big financial institutions is becoming: Break it up, or treat it as a systemically important utility.

Cornell’s @DanAwrey rejects “the neo-Brandeisian logic of, ‘If something is systemically important, it’s either infrastructure, or I have to break it up.’” Image

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More from @leee_harris

Lee Harris Profile picture
8 Dec
China’s foreign ministry released this new white paper, “The State of Democracy in the United States”:

mfa.gov.cn/mfa_eng/zxxx_6… Image
“Unprecedented wave of mergers and a crippling erosion of the diversity and independence of the US media” Image
Critical of how U.S. uses soft power and NGOs to “brainwash local people with American values,” prior to interference particularly in LatAm and Caribbean. Image
Read 4 tweets
Lee Harris Profile picture
6 Dec
Green banks say they’re trying to push private capital into climate-friendly markets by eating some of the risk.

But BlocPower, a startup for low-income buildings, got financing from Goldman Sachs before NY Green Bank agreed to fund it.

For @FT:

ft.com/content/23996b…
It’s hard to believe but Solyndra still looms large for green public finance — making lenders cautious.

Some funders are more willing to experiment. But it’s an uphill battle to get financing for building upgrades, especially in low-income neighborhoods.

ft.com/content/23996b…
Retrofits in poorer areas are seen as subprime. Green bankers disagree about how much to push back:

“We have to be responsive to where the market activity is.”

“If you get to the point where you’re competing with Goldman and Citi to underwrite a deal... You should move on.” Image
Read 4 tweets
Lee Harris Profile picture
18 Nov
Media on COP26:
-Progress, but there’s more to be done!
-India and China are spoilers on coal
-Shortfall on $100b climate finance

Diverts attention from:
-U.S. is the world’s biggest oil and gas producer
-Biden agenda is Wall Street-led climate finance

prospect.org/environment/at…
Unlike coal, the final deal text of COP26 does not mention oil and gas.

The United States plans to kick off by far the biggest increase in oil and gas production of any country over the next decade.

ht @_aploy, @SEI_Erickson, @brandoncwu

cdn.sei.org/wp-content/upl…
“There isn’t going to be a big green Marshall plan”: @adam_tooze sobering look at COP26.

The consensus crystalizing around a market-led international energy transition is more ironic considering Biden’s revival of direct public investment at home.
Read 4 tweets
Lee Harris Profile picture
18 Nov
The bank industry has run an aggressive red-baiting campaign against Saule Omarova.

But the Marxist smear is a red herring.

What are banks really worried about? Conventional finreg, like Omarova’s power to restrict derivatives trading.

w/ @ddayen:

prospect.org/economy/wall-s…
Omarova is testifying before the Senate Banking Committee this morning, where under pressure she gave this debased opening statement

(Swear I hate the reds and love free enterprise 🇺🇸🇺🇸🇺🇸)

banking.senate.gov/imo/media/doc/…
Toomey slams Omarova’s case for putting credit to “productive uses.”

“It's troubling to ponder how she or anyone would choose to define ‘productive uses’ in our economy. How about loans to oil, gas and coal companies?”

She would push fossil fuel firms into bankruptcy, he says.
Read 7 tweets
Lee Harris Profile picture
12 Aug
A new rule to disclose details about animal waste was supposed to apply to ~250 large dairies in New York.

Instead of complying, farmers switched to a different permit, which is not subject to the federal Clean Water Act.

prospect.org/environment/ne…
We know extraordinarily little about factory farms.

In years of legal battles, NRDC has compiled the best data. It's not much.

EPA says 17,000+ farms exist, but 1) enviros suspect that's a lowball and 2) NRDC could only obtain data on 7,595 facilities.

nrdc.org/sites/default/…
Further clouding the picture: EPA is supposed to monitor water pollution, like manure runoff.

But EPA lets states write the permits for farms to comply w the Clean Water Act.

Given the opportunity, @CenterForBioDiv's Hannah Connor said, agribusiness has “weaponized federalism.” Image
Read 6 tweets

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