Lev Menand is a legal scholar at Columbia Law School and has previously worked for the New York Fed, the US Treasury Department, and the Financial Stability Oversight Council (FSOC). Lev Joins Macro Musings to talk about his new paper, *Unappropriated Dollars: The Fed's Ad Hoc Lending Facilities and the Rules that Govern Them*. Specifically, David and Lev discuss opening up public Fed bank accounts, the importance of liquidity and credit facilities, and how Congress is using the CARES Act to skirt the Fed's current legal mandates.

Transcript for the episode can be found here.

Lev's Twitter: @LevMenand

Lev's Columbia Law profile: https://www.law.columbia.edu/faculty/lev-menand

Related Links:

Bonus segment with Lev: https://youtu.be/N9qndjjju9A

*Unappropriated Dollars: The Fed's Ad Hoc Lending Facilities and the Rules That Govern Them* by Lev Menand

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3602740

*FedAccounts* by Morgan Ricks, John Crawford, and Lev Menand

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3192162

David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth