I accepted the Philanthropy award on behalf of Sarasota Private Trust Company at Goodwill Manasota’s 2023 Community Ambassador of the Year Awards event.
My long-time friend, Alex Pollock, has written what might be the most timely and important of the many thoughtful pieces he has authored over a lifetime of great scholarship. The article addresses the issue of whether the Federal Reserve should be subject to Congressional oversight when setting interest rates and determining the supply of money.
Last Saturday Butch and his wonderful partner, Pam Clark, watched the Ohio State game together and had dinner. Some 12 hours later, Butch died in Pam’s arms. I don’t believe he could have ever scripted a better ending for his great life. I didn’t get to say goodbye, but I spoke with him by phone last Friday and texted him “Go Bucks” during Saturday’s game.
Regulators have been acting in an ad-hoc manner, albeit in good faith, for over six decades (including during the period when I was Chairman of the FDIC). This unending practice of bailouts of large banks and large depositors must end––now.
I urge Congress and the regulators to develop a plan to reform the deposit insurance system to end bailing out the largest depositors when banks fail.