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Jeremy Kress

@jeremykress.bsky.social
866 followers 74 following 212 posts

Associate Professor of Business Law, University of Michigan Ross School of Business. Views my own.

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Jeremy Kress @jeremykress.bsky.social · 30/09/2026
It would be nice if the other two Democratic appointees on the Fed Board cared about financial deregulation even just a little bit.
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Jeremy Kress @jeremykress.bsky.social · 10/09/2026
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.
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Jeremy Kress @jeremykress.bsky.social · 10/09/2026
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...
careers.umich.edu
Assistant Professor of Business Law | U-M Careers
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David Dayen @ddayen.bsky.social · 03/09/2026
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
The Lawless Fed - The American Prospect
The central bank specializes in not following laws meant to restrain Wall Street.
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graham steele @grahamsteele.bsky.social · 24/08/2026
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....
papers.ssrn.com
Extra-Legal Bank Capital Regulation
After decades of deregulation culminated in the 2008 financial crisis, policymakers identified bank capital requirements as the most important tool for preventi
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Jeremy Kress @jeremykress.bsky.social · 21/07/2026
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.
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Jeremy Kress @jeremykress.bsky.social · 30/06/2026
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.
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Jeremy Kress @jeremykress.bsky.social · 29/06/2026
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.
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Jeremy Kress @jeremykress.bsky.social · 19/06/2026
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.
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Jeremy Kress @jeremykress.bsky.social · 18/06/2026
.@grahamsteele.bsky.social 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.
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Jeremy Kress @jeremykress.bsky.social · 14/05/2026
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.
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Jeremy Kress @jeremykress.bsky.social · 05/05/2026
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....
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Jeremy Kress @jeremykress.bsky.social · 23/04/2026
“enhance”
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Brad Lipton @bradlipton.bsky.social · 22/04/2026
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
What Is “Financialization” and What Is It Doing to Our Country?
Financialization began as a trend involving Wall Street, moved to Main Street and nonfinancial businesses, and is now increasingly present in Americans’ everyday lives.
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Jeremy Kress @jeremykress.bsky.social · 20/04/2026
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.
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Jeremy Kress @jeremykress.bsky.social · 15/04/2026
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...
ft.com
US banks make record buybacks on Trump’s looser rules and choppy markets
Six largest lenders spend $33bn on shares, smashing market forecasts
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Jeremy Kress @jeremykress.bsky.social · 15/04/2026
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.
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Jeremy Kress @jeremykress.bsky.social · 07/04/2026
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Jeremy Kress @jeremykress.bsky.social · 13/03/2026
Dude, just take the L
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Jeremy Kress @jeremykress.bsky.social · 12/03/2026
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...
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Jeremy Kress @jeremykress.bsky.social · 05/03/2026
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....
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Jeremy Kress @jeremykress.bsky.social · 04/03/2026
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.
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Jeremy Kress @jeremykress.bsky.social · 27/02/2026
Jonathan Gould, getting politics out of bank regulation.
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Jeremy Kress @jeremykress.bsky.social · 24/02/2026
Jay Powell’s legacy on bank regulation: letting the fox guard the henhouse. subscriber.politicopro.com/article/2026...
subscriber.politicopro.com
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.
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Jeremy Kress @jeremykress.bsky.social · 24/02/2026
The "stop politicizing banks" administration wants banks to be immigration agents. 🫠 h/t @grahamsteele.bsky.social www.wsj.com/politics/pol...
wsj.com
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.
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Jeremy Kress @jeremykress.bsky.social · 23/02/2026
The top 0.09% of banks accounted for 40% of banking system profits last year. This is not what a healthy financial system looks like. www.ft.com/content/8fc1...
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Jeremy Kress @jeremykress.bsky.social · 18/02/2026
Dude, have you seen the CEA's CFPB "study"?
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Jeremy Kress @jeremykress.bsky.social · 13/02/2026
Outrageous. The Fed is debasing itself by putting Wall Street banks’ favorite lawyer in charge of bank supervision.
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Corey Frayer @csfrayer.bsky.social · 30/01/2026
We need more focus on Warsh's deregulatory policies. He wants to gut bank oversight at a dangerous time in the markets, like he pushed for in 2006 before the 2008 crisis. Similar to Trump's pick for SEC Chair Paul Atkins. Arguably more dangerous than bad monetary policy. www.pbs.org/newshour/sho...
Kevin Warsh, a Federal Reserve governor, says in September 2006: "I would say that the capital markets are probably more profitable and more robust at this moment than they have perhaps ever been."
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Jeremy Kress @jeremykress.bsky.social · 30/01/2026
If you think Powell (at times) had a moderating influence on Mnuchin/Quarles' and Bessent/Bowman's worst deregulatory impulses, don't count on the same from Warsh. Even if he weren't already so inclined, expect Warsh to defer to Bessent/Bowman's aggressive deregulatory agenda.
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Jeremy Kress @jeremykress.bsky.social · 28/01/2026
Now in print at Yale JREG: "Least-Cost" Resolution. Inspired by my stint advising DOJ Antitrust during the 2023 banking crisis, the article shows how the least-cost resolution requirement for failed banks increases concentration, instability, and inequality. www.yalejreg.com/print/least-...
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Jeremy Kress @jeremykress.bsky.social · 26/01/2026
I don't agree with *what* Trump's bank regulators are doing, but I am impressed by *how* they're doing it. As I told @politico.com: "The problem with prior admins is that Treasury took a hands-off approach to regulation... That meant there was nobody in charge." www.politico.com/news/2026/01...
politico.com
‘Fundamental reset’: Scott Bessent has a plan to free the nation’s banks
The speed of the deregulation is sparking concern that the Treasury secretary is putting Wall Street’s interests ahead of the stability of the financial system.
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Roosevelt Institute @rooseveltinstitute.org · 22/01/2026
➡️ @jeremykress.bsky.social 👥 As a Roosevelt Institute fellow, Jeremy Kress will work on banking industry policy, banking reform, and financial stability. Full bio 👉 rooseveltinstitute.org/authors/jere...
2026 Roosevelt Institute Fellow, an Associate Professor of Business Law at the University of Michigan's Stephen M. Ross School of Business, previously with the Federal Department of Justice, smiling in a professional portrait against a green background with the Roosevelt Institute logo displayed.
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Jeremy Kress @jeremykress.bsky.social · 22/01/2026
I'm thrilled to join @rooseveltinstitute.org as a think tank fellow. Looking forward to developing new ideas for a financial system that delivers productive, sustainable, and broad-based economic growth. Let's get to work!
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Jeremy Kress @jeremykress.bsky.social · 17/01/2026
Bribing banks to cap credit card rates by promising even more deregulation? Give me a break! If the White House wants to make credit cards more affordable, the CFPB has plenty of tools to do that. But that would require a functional CFPB…
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Jeremy Kress @jeremykress.bsky.social · 16/01/2026
Both Fed Vice Chairs gave speeches today. Not a word about Fed independence in either of their prepared remarks.
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Jeremy Kress @jeremykress.bsky.social · 15/01/2026
My latest article, "Systemic Risk and Macroprudential Regulation, co-authored with Seraina Grunewald, is now live as part of the Law & Contemporary Problems symposium on comparative US-EU financial regulation. lcp.law.duke.edu/article/syst...
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Jeremy Kress @jeremykress.bsky.social · 12/01/2026
When Trump floated a 10% credit card interest rate cap on Friday night, the banking trade groups issued a statement within hours. The day after Trump threatens the Fed Chair with criminal prosecution … crickets.
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Corey Frayer @csfrayer.bsky.social · 12/01/2026
He would have a lot more credibility if he had spoken on behalf of his fellow board member when she was similarly attacked. I'm having trouble seeing anything brave or noble here - he's protecting himself more than the institution.
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Alexis Goldstein @alexisgoldstein.bsky.social · 12/01/2026
Early 2025: Trump admin tries to illegally shut down the CFPB, the newest member of the Federal Reserve system. Jay Powell says nothing. Summer 2025: Trump admin tries to illegally fire Fed Governor Lisa Cook. Powell says nothing. 2026: Trump admin comes for Powell. He finally finds his voice.
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Jeremy Kress @jeremykress.bsky.social · 12/01/2026
The Fed had ample opportunity to defend its independence when the President tried to fire Gov. Cook last year. It utterly failed to do so. It shouldn’t be surprising that (1) Trump kept targeting the Fed, and (2) the Fed only circled the wagons when the Chair was threatened.
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Jeremy Kress @jeremykress.bsky.social · 29/12/2025
One last grumpy comment letter before the year ends. This one opposes the FDIC's and OCC's ill-advised definition of "unsafe or unsound" practices. Here's hoping 2026 brings more sensible bank regulation. 🥂
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Jeremy Kress @jeremykress.bsky.social · 19/12/2025
Last week, Citi's CFO said the firm is "roughly two thirds" finished fixing its risk management and compliance systems. This week, the OCC terminated a related Citi enforcement action. I guess this OCC considers two-thirds to be good enough. www.bloomberg.com/news/article...
bloomberg.com
Citi Sheds Regulator’s 2024 Penalty Over Risk and Compliance
A key regulator of Citigroup Inc. removed part of a penalty it imposed last year, a sign the bank is closer to completing its longstanding effort to improve risk and compliance.
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Jeremy Kress @jeremykress.bsky.social · 16/12/2025
Fact check: The decade following the Dodd-Frank Act marked the longest period of economic growth in U.S. history.
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graham steele @grahamsteele.bsky.social · 12/12/2025
Reflecting on the fact that “economic security” is essential to financial stability according to the same administration that is dismantling the CFPB. Truly Orwellian stuff. home.treasury.gov/news/press-r...
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Jeremy Kress @jeremykress.bsky.social · 11/12/2025
This is a dereliction of duty by the Financial Stability Oversight Council. But if there is a silver lining, it is that the Trump Administration now unequivocally owns whatever crisis lies ahead.
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Jeremy Kress @jeremykress.bsky.social · 11/12/2025
Imagine experiencing the AI bubble, crypto corruption, private credit explosion, trade war chaos, interest rate volatility, Treasury market disruptions, cyber vulnerabilities, geopolitical threats... ...and concluding that the #1 threat to stability is financial regulation.
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Jeremy Kress @jeremykress.bsky.social · 11/12/2025
For people who are allegedly committed to "the rule of law," the Treasury Department's new deregulatory approach FSOC appears to be in direct conflict with the Council's actual statutory authorities.
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Jeremy Kress @jeremykress.bsky.social · 25/11/2025
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.
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Jeremy Kress @jeremykress.bsky.social · 21/11/2025
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. 🫠
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