For some good news: Biden’s big ticket proposed bank regs – including the Fed’s steep increase in capital requirements – are on ice until next year when the Trump administration can kill them permanently. We’ve pointed out at Unleash Prosperity that these rules will hamper lending, but will do nothing to ensure the safety and the soundness of the banking system.

Unfortunately, Fed Vice Chair Michael Barr, a big advocate of these rules, is telling Congress: “As Chair Powell said, we serve fixed terms of office, and I intend to serve my fixed term of office.”

As we pointed out earlier this week: Trump has the absolute statutory and constitutional power to designate his own chairman and vice chairman of the Fed and should do so immediately.  He also has a very good constitutional argument that he can fire Fed members. If HE can’t, then who can?