Elizabeth Warren fears Wall Street will use the recent mayhem in overnight lending markets to convince Washington to relax regulations aimed at preventing a repeat of the 2008 crisis
Warren, the Democratic presidential candidate, wrote a letter on Friday to Treasury Secretary Steven Mnuchin saying she is"alarmed" by last month's spike in overnight lending rates. The September cash crunch in a critical corner of finance forced the New York Federal Reserve to come to the rescue for the first time in a decade.The precise cause of the market stress is unclear.
Banks and other financial institutions were still clamoring for cash. Earlier this month, the Fed announced a new program aimed at easing the liquidity squeeze. The central bank said it will purchase up to $60 billion of Treasury bills per month. The move will boost the size of the Fed's balance sheet, reversing recent efforts to shrink it. The reversal suggests the Fed underestimated how much cash is needed to keep the system running smoothly.
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