Some in the financial regulatory establishment have long viewed the Federal Home Loan Banks with skepticism and for good reason. The Treasury Department and the 11 regional government-sponsored Federal Home Loan Banks (FHLBanks) both regularly issue U.S. debt obligations, driving up the cost of government debt. That increased cost is, ultimately, borne by all taxpayers. The FDIC cleans up the mess made by the FHLBanks after they lend to failing banks such as Silicon Valley Bank, Signature Bank, First Republic Bank and IndyMac Bank. Again, the cost is ultimately borne by the full faith and credit of the government, i.e., the taxpayers. Now comes Federal Reserve Vice Chairman for
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