Former Fed staffer and bank policy expert Bill Nelson argues that the regulatory guidelines issued by the Federal Reserve in July fail to address the main issues preventing banks from using the discount window.
The U.S. Federal Reserve building is pictured in Washington, March 18, 2008. REUTERS/Jason Reed/File Photo
Arguing that the Fed and other bank regulators could have forged new ground and taken steps aimed at reducing the stigma associated with taking emergency Fed loans, he said authorities instead chose to "do essentially nothing almost five months after the bank failures."
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