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Jeremy Bulow on Narrow Banking

Deposit Flight & Regulatory Reform

Prof Jeremy Bulow of Stanford Graduate School of Business discusses Narrow Banking and regulatory reforms to help protect uninsured deposits without creating moral hazard.


Introduction (0:00)
Problems with current regulatory capital system (2:20)
The failure of Silicon Valley Bank (SVB) (4:20)
How would narrow banks impact the Fed's ability to conduct monetary policy? (9:14)
What is narrow banking? (10:22)
Why has Federal Reserve refuses narrow banking mandates? (11:36)
Regulatory forbearance (14:20)
Problems with existing bank contingent capital (16:19)
Equity Recourse Notes (ERNs) (17:58)
How would the economics of ERNs work? (20:55)
What does regulatory forbearance look like in practice? (23:45)
Are bank stress tests reliable? (25:37)

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