About
- President and Chief Executive Officer, Federal Reserve Bank of Cleveland (2014-2024)
- Adjunct Full Professor of Finance, The Wharton School, University of Pennsylvania (2001-Present)
- Member, FOMC Subcommittee on Communication (2014-2018 and 2023-2024)
- Member, CNBC Global Financial Wellness Advisory Board (2025-Present)
Voting History
Question A: Prediction markets provide substantially more accurate forecasts of key macro-financial variables than traditional sources such as surveys of professional forecasters.
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Question B: Retail market participants would be measurably better off if sports contracts on prediction markets were regulated more like gambling than like financial derivatives.
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Comment: If it looks like a duck and quacks like a duck, it's a duck (and should be subject to the same set of regulations regardless of platform).
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Question A: Nasdaq has been consulting on inclusion of the largest companies in its indexes: https://indexes.nasdaqomx.com/docs/NDX_Consultation-February_2026.pdf
Changing the rules for index inclusion to allow fast-track entry by extremely large IPOs (including waiving the free float requirement) is consistent with the objectives of passive index-based investing.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
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Comment: Will give passive investors access to large, growing tech firms faster, but will induce undesired volatility.
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Question B: Changing the rules for index inclusion to allow fast-track entry by extremely large IPOs (including waiving the free float requirement) will make index fund investors measurably better off.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
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Comment: There is a tradeoff between larger coverage and increased volatility
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Question A:Some major private credit funds - including those offered by BlackRock, Cliffwater and Morgan Stanley - have maintained their redemption limits, not fully filling all investor requests.
The enforcement of restrictions on withdrawals from private credit funds predicts that the funds will substantially underperform indices of liquid high-yield corporate bonds over the next 18 months.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
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Comment: It is a sign that firms do not want to meet liquidity needs by selling assets that at this point would earn less than values on their books.
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Question B: Assets in the private credit funds that are restricting withdrawals are substantially overvalued relative to their true market value.
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Interest-bearing stablecoins, either via direct issuer payments or exchange-provided rewards, would measurably erode the deposit franchise of banks in developed-market economies.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
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Comment: Will depend on competitive response from banks.
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Question A: Having the government-sponsored housing agencies Fannie Mae and Freddie Mac buy $200 billion in mortgage-backed securities would reduce mortgage rates by more than 25 basis points.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
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Comment: There was a short-term announcement effect. More significant effect has to address the limited supply of housing.
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Question B: Having the government-sponsored housing agencies Fannie Mae and Freddie Mac buy $200 billion in mortgage-backed securities would measurably improve the affordability of home ownership.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
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Comment: Program not large enough to have a longer-term effect.
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Question C: Restrictions on large institutional investors buying single-family homes would measurably improve the affordability of home ownership.
| Vote | Confidence | Median Survey Vote | Median Survey Confidence |
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Comment: In certain locations, institutional investors represent a sizable source of demand; but overall, they do not.
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