Sometimes it is hard to state the obvious. Your spouse’s middle-aged bulge. Your boss’s bad breath. You are aware of it but you are afraid to say it, fearing the awkwardness that will result if you speak up.
Four years after the passage of Dodd-Frank, we are still discussing whether the law has made the financial system more stable. These discussions are important, yet too little attention is being paid to a Federal Reserve program called the Overnight Reverse Repurchase Facility, also referred to as ON RRP. This program, while well-intentioned, could be a new source of financial instability. It needs a closer look.
Maybe instead of chasing corporate tax inverters, how about chasing a solution in the tax code?