Professor Voices » Law & Policy

Fed to keep rates low through mid-2013

Jo Breiner — Wed, 10 Aug 2011 15:52:45 +0000

The Federal Reserve issued a statement on Tuesday pledging it would hold short-term interest rates near zero through the first half of 2013. Boston University School of Law professor Cornelius Hurley is director of Boston University’s Center for Finance, Law & Policy and a former counsel to the Fed Board of Governors. He offers his view on the impact of the FOMC’s low-rate declaration.

“Does anyone seriously think that, if by some miracle the economy began to grow again, the Fed would not raise rates to stem inflation?

“The FOMC gave the credulous equity markets what they wanted to hear, but at what cost? The credibility of the Fed? So asked the three dissenting Federal Reserve Bank presidents.

“Perhaps it would have been better and more transparent for the Fed to have described the ‘policy tools’ it has in its closet.”

Contact Hurley at 617-353-5427 or ckhurley@bu.edu; Twitter: @ckhurley

Experts available to comment on debt ceiling debate

Jo Breiner — Tue, 26 Jul 2011 00:52:06 +0000

The following Boston University experts are available to offer commentary, insight, and analysis on the debt ceiling debate:

Cornelius Hurley, a professor in the School of Law, is the Director of BU’s Center for Finance, Law & Policy and a former counsel to the Fed Board of Governors. He is also a regular contributor to PoliticoArena. He can be reached at 617-353-5427, ckhurley@bu.edu, or Twitter: @ckhurley

Graham Wilson, chair of BU’s political science department and the author of “Only in America? American Politics in Comparative Perspective.” He can be reached at 617-353-2540 or gkwilson@bu.edu

Laurence Kotlikoff, professor of economics, is an expert in macroeconomics and fiscal and monetary policy. He is the author of “Jimmy Stewart Is Dead: Ending the World’s Ongoing Financial Plague With Limited Purpose Banking.” He is also a regular contributor to Bloomberg. He can be reached at 617-353-4002 or kotlikoff@bu.edu

Daniel Berman, a professor in the School of Law, is the Director of the Graduate Tax Program. He is an expert in tax policy and tax legislation. He can be reached at 617-353-3105 or bermand@bu.edu

Tom Whalen, an associate professor of social sciences, is an expert in American politics and the American presidency. He is also a regular contributor to PoliticoArena. He can be reached at 978-888-3131 or tjw64@comcast.net

Bernanke to offer outlook on U.S. economy

Jo Breiner — Tue, 07 Jun 2011 14:18:39 +0000

Federal Reserve chairman Ben Bernanke is scheduled to comment later today on the U.S. economic outlook. Boston University School of Law professor Cornelius Hurley is the director of BU’s Center for Finance, Law & Policy (formerly the Morin Center for Banking and Financial Law) and former counsel to the Fed Board of Governors. He is available to offer commentary, insight, and analysis on Chairman Bernanke’s comments.

Contact Cornelius Hurley, 617-353-5427, ckhurley@bu.edu, Twitter: @ckhurley

Fed chairman Bernanke to hold press conference

Jo Breiner — Tue, 26 Apr 2011 13:26:37 +0000

In an unusual move, Federal Reserve Chairman Ben Bernanke will hold a press conference to answer questions about decisions made by the central bank. Bernanke will speak with reporters following the conclusion of tomorrow’s policy meeting. Boston University School of Law professor Cornelius Hurley is director of BU’s Center for Finance, Law & Policy (formerly the Morin Center for Banking and Financial Law) and a former assistant general counsel of the Board of Governors of the Federal Reserve System. In an interview with the Boston Herald, Hurley said “the orchestrated but unpredictable media moment will put Bernanke in a difficult spot.”

“Never mind the fastballs and curveballs from the reporters – just the obvious questions will be tough.

“I think at the end of the day Bernanke is in a box. If he says anything meaningful – that is, if the markets react to it – then he’s made a mistake. But if it’s typical Fed pablum, then everyone will wonder, why then did they even have this.”

Contact Cornelius Hurley for additional comments at 617-353-5427, ckhurley@bu.edu, Twitter: @ckhurley

New details emerge on Sokol and Lubrizol

Jo Breiner — Wed, 13 Apr 2011 15:41:48 +0000

Did Berkshire Hathaway know about David Sokol’s purchase of 96,000 shares of Lubrizol before Berkshire became interested in the company as a takeover bid? Law professor Cornelius Hurley is director of Boston University’s Center for Finance, Law & Policy (formerly the Morin Center for Banking and Financial Law) and former counsel to the Fed Board of Governors. He offers his comment on the continuing controversy surrounding Sokol’s resignation from Berkshire and the details emerging from a new regulatory filing.

“What are the chances David Sokol’s ‘front-running’ scheme at Berkshire Hathaway reflects a pattern of past abusive behavior? I’d say they are very high and warrant a full SEC investigation.”

Contact Cornelius Hurley, 617-353-5427, ckhurly@bu.edu