Lev Menand
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Articles by Lev Menand
Early Edition: July 8, 2026
Signup to receive the Early Edition in your inbox here. A curated weekday guide to major news and developments over the last 24 hours. Here’s today’s news: IRAN WAR – RENEWED STRIKES Iran and the United States traded strikes yesterday into this morning after Iranian attacks on three commercial vessels in the Strait of Hormuz. Iran did not claim yesterday’s attacks in the strait, but its state broadcaster said at least one vessel had ignored warnings from Iranian forces.
The Federal Reserve Exception to the Slaughter Rule
“When an agency executes a congressional mandate against private parties, it exercises executive power – no ifs, ands, or quasis.” – Trump v. Slaughter “We see no reason, however, why our central bank ought to be trapped in amber any more than any other aspect of our constitutional scheme.” – Trump v. Cook Last week, on the second-to-last day of the Supreme Court’s 2025 term, Chief Justice John Roberts delivered two opinions that read like they had been written by two different people. In Trump v.
Again, Trump completely misreads the law
On Friday, the Supreme Court struck down President Trump's use of an international emergency powers statute to impose broad tariffs on imports from across the world. He immediately announced that he was relying on a different statute - the Trade Act of 1974 - to impose new, near-universal 10 percent tariffs, which he then raised to 15 percent. These new tariffs are illegal, too. They are just another attempt by the president to ignore the law and dare the courts to stop him.
Opinion | Trump’s New Tariffs Are Illegal Too
You have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load. Trump’s New Tariffs Are Illegal Too Feb. 24, 2026, 11:10 a.m. ET Credit...Illustration by The New York Times; photograph by Aleksey Kondratyev for The New York Times By Lev Menand and Joel Michaels Mr. Menand is the author of “The Fed Unbound: Central Banking in a Time of Crisis.” Mr. Michaels served as a senior adviser in the U.S. Department of the Treasury.
Trump v. Cook and the American Rule of For-Cause Removal, by Jane Manners & Lev Menand
Halfway through oral argument in Trump v. Cook, Justice Amy Coney Barrett asked Solicitor General John Sauer when a statute authorizing an officer’s removal should be read to require process.
Opinion | Why Trump’s Control of the Fed Could Be Dire
SKIP ADVERTISEMENT On Wednesday, the Supreme Court will consider whether President Trump violated the Federal Reserve Act when he tried to fire Lisa Cook, a member of the Federal Reserve’s Board of Governors. Economists have raised the alarm, and Wall Street is watching, because presidential control of monetary policy would likely put upward pressure on inflation and interest rates.
Slaughter, the Symmetry Rule, and What The Decision of 1789 Actually Decided, by Jane Manners & Lev Menand
During oral argument in Slaughter last month, Solicitor General John Sauer argued that there were three textual sources for an illimitable presidential removal power: the Vesting Clause, the Take Care Clause, and the Appointments Clause. Why the Appointments Clause? Because, he explained, “the power to remove flows to the power to appoint.” According to Sauer, a run of nineteenth century cases, including Ex Parte Hennen, supports this proposition.
Slaughter, Parsons, and the Original Meaning of a Term of Years, by Jane Manners and Lev Menand
This term the Supreme Court is hearing argument in two major cases regarding the law of federal offices. One—Trump v. Slaughter—may strip Congress of the power to place any restrictions on the President’s ability to remove administrators at will. Another—Trump v. Cook—will address how such restrictions work, assuming that the President has to follow them. Hidden within both disputes is a legal timebomb: the misunderstood fixed term, also known as a term of years.
The Supreme Court Left the Fed Vulnerable Original
On Monday evening, President Donald Trump opened up a new front in his campaign to take control of the Federal Reserve. He released a letter on social media purporting to fire Lisa Cook, a Joe Biden–appointed member of the Fed’s seven-person board of governors. The letter is part of what appears to be a coordinated effort by the administration to fill a majority of the board with loyalists.
How Supreme Court Could Imperil Fed Independence: Judge & Menand
The Supreme Court is considering a dangerous emergency petition from President Donald Trump. If the justices adopt any part of his argument — that presidents should be able to override legislation establishing independent agencies like the Federal Reserve and remove their leaders without notice or cause — the court could immediately destabilize markets and permanently harm the US economy.
How Supreme Court Could Imperil Fed Independence: Judge & Menand
The Supreme Court is considering a dangerous emergency petition from President Donald Trump. If the justices adopt any part of his argument — that presidents should be able to override legislation establishing independent agencies like the Federal Reserve and remove their leaders without notice or cause — the court could immediately destabilize markets and permanently harm the US economy.
How the Supreme Court Could Threaten Fed Independence
Trump is itching to fire him. (Bloomberg Opinion) -- The Supreme Court is considering a dangerous emergency petition from President Donald Trump.
Regionalism and the Federal Reserve Banks
Download PDF Regionalism is central to our country’s central banking system. Rather than rely on a single organization to set monetary policy and oversee banks, Congress created a multiplicity of bodies including twelve Federal Reserve Banks (FRBs), each designed to operate in a different part of the country. These FRBs are an early and undertheorized example of how the federal government uses regional bodies to formulate and administer federal policy.
Rebuilding Banking Law: Banks as Public Utilities
Under the New Deal framework for money and payments—which had its roots in the National Bank Act of 1864—banks in the United States were governed in many respects as public utilities. Charters were available only where they were consistent with public convenience and need, the usual standard for utilities. Banks enjoyed an exclusive privilege to augment the money supply, maintaining deposit account balances that house-holds and businesses could use as a means of payment and store of value.
Money and Banking in the United States: A Guide to the Policy Landscape
Introduction In March and April 2023, the American system of money and banking teetered on the brink of collapse. Several large banks failed—including Silicon Valley Bank (SVB), Signature Bank, and First Republic Bank—but the real story was the extent of the ad hoc government interventions required to prevent a wider unraveling.
The Making of Presidential Administration
Contemporary American governance is the product of a recent constitutional transformation. Previously, we may have had “Congressional Government,” “a state of courts and parties,” or “a Regime of Separated Powers.” But now we live in an era of presidential primacy. Control of the White House is so central to our governance that the transition from one President to another amounts to “regime change.” The dominant narrative of how this shift occurred is incomplete.
On the FTC’s Authority to Promulgate Trade Regulation Rules, by Lev Menand and Tim Wu
On April 23, 2024, the FTC finalized a trade regulation rule prohibiting employers from enforcing non-compete agreements against workers. In response, and Daniel Crane, a law professor at the University of Michigan, published a piece in Notice and Comment that reported on the views of 17 anonymous online volunteers regarding the fate of the rule in the courts.
A New Measure of Central Bank Independence
A New Measure of Central Bank Independence Author/Editor: Tobias Adrian ; Ashraf Khan ; Lev Menand Publication Date: February 23, 2024 Electronic Access: Free Download. Use the free Adobe Acrobat Reader to view this PDF file Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate.
Why banks should be treated as public utilities - The Washington Post
Lev Menand is a professor at Columbia Law School, a fellow at the Roosevelt Institute and the author of “The Fed Unbound: Central Banking in a Time of Crisis.” Morgan Ricks is a professor at Vanderbilt Law School and the author of “The Money Problem: Rethinking Financial Regulation.” It has been 15 years since Lehman Brothers collapsed and financial panic turned a mild recession into a great one, yet the American financial system still depends on government rescues to avoid catastrophic...
After Silicon Valley Bank, scrap the bank deposit insurance limit
Lev Menand is an associate professor at Columbia Law School and a fellow at the Roosevelt Institute. Morgan Ricks is the Herman O. Loewenstein chair in law at Vanderbilt Law School. On Sunday evening, in an effort to stem a damaging financial panic, the Federal Deposit Insurance Corporation (FDIC) overrode a $250,000 cap on deposit insurance set by Congress and committed billions of dollars to rescue uninsured depositors at two failed banks, including Silicon Valley Bank.
A Brave New Financial World – - James E. Hartley
How can the Federal Reserve help you today? A few years ago, such a question would have been rather odd. The Federal Reserve was created a little over a century ago as an independent government agency with a rather small mandate: manage the money supply. It was an important, but limited, role. In normal times, the Fed existed to ensure the money supply grew at a reasonable rate.
Central Banking Journal Volume XXXIII Number 1
A round-up of central bankers in the news and on the move during the past three months
Over half of respondents say AML risks are rising
More than half of central banks in the Financial Stability Benchmarks 2022 have expressed concerns over rising money laundering and terrorism financing risks. But most respondents said that there was sufficient international cooperation among central banks in this area. Twenty-nine institutions answered the question on increased concerns over anti-money laundering and countering the financing of terrorism (AML/CFT) risks over the last two years. Fifteen (51.7%) banks said yes.
Central banks rarely lead AML/CFT efforts
Just 10% (three out of 30) of central banks are likely to be the lead agencies for anti-money laundering and countering the financing of terrorism (AML/CFT) efforts in their jurisdictions, according to the Financial Stability Benchmarks 2022. Despite this, 86.2% (25 out of 29) of responding central banks said they have sufficient powers to deal with AML/CFT in their jurisdiction.
Book notes: Can’t we just print more money?, by Rupal Patel and Jack Meaning
Rupal Patel, Jack Meaning, Can’t we just print more money? Economics in ten simple questions,Cornerstone Press, May 2022, 320 pages “Never apologise, never explain.” The infamous dictum of former Bank of England governor Montagu Norman once epitomised the British take on central bank communication. Nearly a century later, the UK central bank’s new ‘pop-econ’ explainer, Can’t we just print more money? demonstrates just how dramatically the BoE has changed its tune. Answering everyday riddles
Myanmar regime replaces governor
Myanmar has replaced the central bank governor with a military regime supporter who was wounded by anti-regime gunmen several months ago. The State Administration Council said on August 19 that it had appointed Than Than Swe as governor, replacing Than Nyein. The official announcement said both Than Nyein and deputy governor Win Thaw had retired from their posts, media outlet Eleven Myanmar reported.
PBoC cuts key lending rates - Central Banking
China’s central bank cut its benchmark lending rate today (August 22), a week after authorities released data showing mounting economic problems. The People’s Bank of China lowered its one-year loan prime rate (LPR) by five basis points to 3.65%. The PBoC also cut the five-year loan prime rate, which influences mortgage rates, by 15 basis points to 4.3%.Official data showed year-on-year inflation reaching 2.7% in July, its highest level this year and up from 2.5% in June.
HKMA deputy chief executive to retire early - Central Banking
Hong Kong’s de facto central bank said Edmond Lau, one of its deputy chief executives, will retire early from his post on November 1. In a statement on August 19, the Hong Kong Monetary Authority said it would replace Lau through an open recruitment process. Lau served as one of the HKMA’s three deputy chief executives, alongside Arthur Yuen and Howard Lee.
Taking a cue from the top: governor turnover and independence
When a leader holds office for a long time, there is a temptation to associate their endurance with certain positive qualities: strength, stability, decision-making autonomy and effectiveness. Attribution of these traits is often not just limited to the leader, but also to the country or institution they lead. The opposite can also be true. And for central banks, a quick succession of governors typically raises two major concerns.
Book notes: The Fed unbound, By Lev Menand
This book highlights need for charter-like oversight of shadow sector
Book notes: The Fed unbound, By Lev Menand
Lev Menand, The Fed unbound: central banking in a time of crisis, Columbia Global Reports, May 2022, 176 pages This new book by Lev Menand argues that the Fed has extended its mandate beyond the tasks for which it was originally designed. Starting with the broad interventions during the global financial crisis and more recently during the Covid-19 crisis, the result has been nothing short of a transformation of the Fed’s role in the US economy. Trying to stabilise a financial system that has
Most central banks lack primary oversight of NBFIs
Non-bank financial institutions (NBFIs) regulation is out of the primary scope for most central banks participating in the Financial Stability Benchmarks 2022, despite many having regulatory capabilities, often in tandem with other agencies. Four-fifths (80.6%) of central banks said they do not have sole responsibility to regulate insurance companies or the non-bank financial sector. Seven-tenths (71%) also said they lack sole responsibility for regulating the micro-finance sector.
The problem with a Fed that does too much
Placeholder while article actions load When the Federal Reserve came up with $85 billion in 2008 to rescue AIG, the insurance giant that gambled and lost on derivatives, Rep. Barney Frank, then chairman of the House Financial Services Committee, asked Fed Chair Ben Bernanke where he got all that money. According to Frank, Bernanke responded: "I have $800 billion," referring to the Fed's portfolio of government bonds and loans.
The Fed Can't Fix Our Broken Banking System
On May 4, 2022, the Federal Reserve announced a plan to reduce the size of its balance sheet. $9 trillion large, and ten times bigger than it was before the 2008 financial crisis, the Fed’s accumulation of assets has helped to lower borrowing costs across the economy, lift stock and real estate prices to unprecedented heights, and fuel record profits for financial conglomerates. Now the Fed tells us it can reverse course and unwind the emergency measures it first launched back in 2008.
A U.S. Digital Dollar Should Serve the Public, Not Banks
The Federal Reserve last month released a report about how the U.S. might update its currency for an "age of digital transformation." While the long overdue assessment doesn't reach a conclusion on whether a new digital dollar would be a good idea, the way it breaks down the issues repeatedly confuses the interests of the financial sector with those of the American public.
A U.S. Digital Dollar Should Serve the Public, Not Banks
The Federal Reserve last month released a report about how the U.S. might update its currency for an "age of digital transformation." While the long overdue assessment doesn't reach a conclusion on whether a new digital dollar would be a good idea, the way it breaks down the issues repeatedly confuses the interests of the financial sector with those of the American public.
"Why Supervise Banks? The Foundations of the American Monetary Settleme" by Lev Menand
Abstract Administrative agencies are generally designed to operate at arm’s length, making rules and adjudicating cases. But the banking agencies are different: they are designed to supervise. They work cooperatively with banks and their remedial powers are so extensive they rarely use them. Oversight proceeds through informal, confidential dialogue. Today, supervision is under threat: banks oppose it, the banking agencies restrict it, and scholars misconstrue it.
The Banker Removal Power
The Federal Reserve can, under 12 U.S.C. § 1818(e), remove bankers from office if they violate the law, engage in unsafe or unsound practices, or breach their fiduciary duties. Yet the Fed has used this power so rarely that few people even realize it exists. In the past 20 years, America’s largest banks have settled hundreds of major lawsuits and paid an unprecedented $195 billion in fines and penalties.
Fed to the Rescue: Unprecedented Scope, Stretched Authority
When it comes to responding to the coronavirus outbreak in the U.S., the Federal Reserve has emerged as one of the most active institutions at the national level. Its bold and timely interventions have halted a monetary breakdown that would have guaranteed a second Great Depression. And its continuing efforts to avert a vicious cycle of debt defaults are helping to address a sudden economic stop that has made a deep and lasting recession all but inevitable.
Let’s Pay the Stimulus in Digital Dollars
(Bloomberg Opinion) -- The federal government is poised to send checks to Americans within weeks as part of a stimulus package to address the economic fallout from the spread of COVID-19. But lawmakers have said nothing about what the millions of people without bank accounts will do with these checks once they receive them.
Let’s Pay the Stimulus in Digital Dollars
Mar 24 2020, 4:00 PMMar 24 2020, 5:00 PMMarch 24 2020, 4:00 PMMarch 24 2020, 5:00 PM
Unsanitized: Seven Lessons from the Great Recession
The following is a guest version of Unsanitized from Ganesh Sitaraman, Professor of Law at Vanderbilt Law School, and author of The Great Democracy; and Lev Menand, Academic Fellow and Lecturer at Columbia Law School, and senior advisor to the Deputy Secretary of the Treasury from 2015-1016.
Shadow Digital Money
References: Adrian, Tobias, and Tommaso Mancini-Griffoli (2019a). The Rise of Digital Money, IMF Fintech Notes, July 15. Adrian, Tobias, and Tommaso Mancini-Griffoli (2019b). The Rise of Digital Currency, Vox CEPR Policy Portal, September 9. Adrian, Tobias, and Tommaso Mancini-Griffoli (2019c). Central Bank Digital Currencies: 4 Questions and Answers, IMF blog, December. Awrey, Dan (2020). Bad Money. SSRN working paper. Benston, George J. (1978).
Opinion | Keep Independent Agencies Independent
A case before the Supreme Court could expand the president’s power to remove their leaders. By Jane Manners and Lev Menand Dr. Manners and Mr. Menand are lawyers. March 3, 2020, 5:00 a.m. ET Agencies like the Consumer Financial Protection Bureau could be stripped of their independence if the Supreme Court expands the president’s power to remove their leaders. President Trump has repeatedly used his office to further his personal political interests.
A Public Option for Bank Accounts (or Central Banking for All)
Posted by Morgan Ricks (Vanderbilt University), John Crawford (University of California), and Lev Menand, on Friday, June 22, 2018 Print Tweet Morgan Ricks is Professor of Law at Vanderbilt University Law School; John Crawford is Professor of Law at UC Hastings College of Law; and Lev Menand is a lawyer in New York. This post is based on their recent paper. Among the perks of being a bank is the privilege of holding an account with the central bank.
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