The question: are tweaks simply improving efficiency without adding to risk, or will rollbacks leave the system vulnerable at exactly the wrong time? Lael Brainard's dissents suggest she's worried about the latter. Nellie Liang also had a great piece
Nellie Liang warns that looser financial regulations when monetary policy is easing is a very risky mix via Hutchins Center
Nellie Liang, a former senior Fed economist on financial stability, warns that the recent recalibration of monetary policy (from tightening to easing) means the Fed needs to rethink its longer-running recalibration on regulation (from tightening to easing)