We're coming up to the one-year anniversary of the collapse of Silicon Valley Bank, which sparked a fresh conversation about the role of banks in the wider economy. Last year's banking drama culminated in the Federal Reserve unveiling a new liquidity facility for lenders and the US government made bank customers whole even beyond the $250,000 limit on guaranteed deposit insurance. So what did we learn from the March banking crisis? And what could we be doing differently now? In this episode, we speak with Anat Admati, professor at Stanford Graduate School of Business, about why bank bailouts (in all their different varieties) persist and what can be done about it. Anat became a major advocate of banking reform following the 2008 financial crisis, and has continued to lobby regulators and government officials for fundamental change. She discusses why banks are structurally disincentivized to behave like other types of companies, the impact of new capital requirements including the Basel Endgame proposal, and competition with other types of lenders including private credit.