Topic: Federal Authority

Saule Omarova, Biden's nominee for Comptroller of the Currency, has proposed a "National Investment Authority" (NIA) that would function as a publicly owned version of BlackRock. The plan involves raising capital from institutional investors with a government guarantee of principal return, backed by the Federal Reserve. Critics describe the proposal as a "fifth-grade report" on communism that seeks to circumvent Congressional spending powers.

A supercut highlights the shifting positions of Joe Biden and Kamala Harris regarding a federal mask mandate. The candidates have vacillated between claiming constitutional authority to mandate masks across state lines and admitting that such a mandate might be unconstitutional. The hosts criticize the lack of consistency in their COVID-19 policy proposals.

A new European Banking Authority has been established in London to coordinate EU banking policy, despite the UK's complicated relationship with the union. In the U.S., the Federal Reserve lost an appeal and must release a list of banks that received emergency funding. The hosts speculate that the UK's potential exit from the EU could trigger a conflict similar to the American Civil War.