Kathryn Judge is a law professor at Columbia University and a legal scholar of the Federal Reserve and financial policy. Kathryn returns to the show to discuss the Fed’s Emergency Lending Facilities, or 13(3) and current happenings at the Federal Reserve.

Check out the transcript for this week’s episode, now with links.

Recorded on March 27th, 2025

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Timestamps:

(00:00:00) – Intro

(00:01:43) – History of Section 13(3)

(00:03:55) – Increasing Use of 13(3)

(00:06:55) – Unusual and Exigent Circumstances

(00:08:53) – Changes to 13(3)

(00:13:17) – Classification of the Facilities

(00:21:13) – Should the Fed Be Doing Emergency Lending?

(00:25:42) – Feature or Bug?

(00:33:19) – Fed Independence

(00:47:45) – Regionalism of the Fed

(00:55:23) – Outro

Kathryn Judge on the Importance of Emergency Lending Facilities at the Federal Reserve

Macro Musings with David Beckworth