COVID-19 has sped up the already moving trend of deregulation in US financial markets. The idea that “people are policy”, attributed by himself to Edwin Feulner of the conservative Heritage Foundation, includes that if you get the right people in the system then the outcomes you want will naturally present themselves. We see this playing out in real time as evidenced by commentary from Fed Vice Chair for Supervision Randal Quarles and Fed Governor Lael Brainard.
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