Saule Omarova on Emergency Fiscal Facilities and the Missing Architecture of Government Finance

Saule Omarova is a professor of law and the director of the Jack Clarke Program on the Law and Regulation of Financial Institutions and Markets at Cornell University. Saule joins Macro Musings to talk about the prospects of an emergency fiscal facility, as well as a broader vision for a National Investment Authority. Specifically, Saule and David discuss the need for a third public finance agency, what the mandate of such an authority would be, and how the agency would be structured and held accountable. Saule also answers common objections to her vision such as the potential institutional redundancies, as well as how to prevent cronyism and excessive politicization.   Transcript for the episode can be found here.   Saule’s Twitter: @STOmarova Saule’s Cornell profile: https://www.lawschool.cornell.edu/faculty/bio_saule_omarova.cfm   Related Links:   *Data For Progress: A National Investment Authority* https://www.dataforprogress.org/a-national-investment-authority   *Why We Need a National Investment Authority* by Saule Omarova https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3566462   *The People’s Ledger: How to Democratize Money and Finance the Economy* by Saule Omarova https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3715735   *What Kind of Finance Should There Be?* by Saule Omarova https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3544103   *White Paper: A National Investment Authority* by Saule Omarova and Robert C. Hockett https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3125533   *The Money Problem* by Morgan Ricks https://www.amazon.com/Money-Problem-Rethinking-Financial-Regulation/dp/022633032X   David’s blog: macromarketmusings.blogspot.com David’s Twitter: @DavidBeckworth