Former Richmond Fed chief to oppose discount window reform
Counting unused capacity towards prudential requirements would be ‘unwise’, Lacker will argue
Jeffrey Lacker is to argue against letting banks count unused discount window capacity as part of their supervisory liquidity requirements.
The former president of the Federal Reserve Bank of Richmond will discuss his arguments against the mechanism, which has been endorsed by US Treasury secretary Scott Bessent and advocacy group the Bank Policy Institute, at the next meeting of the Shadow Open Market Committee on October 30.
Using a prepared policy paper, an advance copy of which has been seen
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