This is my long overdue comment on what I observed at the meetings of the San Francisco Federal Reserve Bank in April 2014. I had previously given some highlights of my talk and commented on Glenn Rudebusch's talk.

There is a saying that as a politician you don't want to be too far in front of, nor too far behind public opinion. While public opinion can be destiny for many political debates and decisions, there are times, however, when politicians need to drive public opinion to achieve efficient and effective policy outcomes. In California, transportation infrastructure funding is one of those areas.

New research from Columbia Business School shows that despite the Federal Reserve's success at reducing liquidity risks, many banks resisted joining from its beginning.

Research from the American Action Forum (AAF) finds that Dodd-Frank financial reform has led to a 14.5 percent drop in consumer revolving credit since 2010. AAF examined the impact of Dodd-Frank on revolving credit, such as credit cards and debt that is paid off periodically, and found significant impacts from the law.