Walker F. Todd lives in Chagrin Falls, Ohio, and is a research fellow at American Institute for Economic Research, Great Barrington, Massachusetts (AIER). He is the author of numerous articles, both scholarly and for mainstream media, book chapters, and book-length monographs. A native of Murfreesboro, Tennessee, he received his B.A. in French from Vanderbilt University. He holds a M.A. from the University of Wisconsin-Madison and a Ph.D. from Columbia University, both in French. He also holds a J.D. from Boston University and studied at the Sorbonne, Paris, France, in 1968-1969. Mr. Todd’s principal employments since completing law school were as attorney and legal officer, Federal Reserve Bank of New York, and then as assistant general counsel and research officer, Federal Reserve Bank of Cleveland, 1974-1994. He also was an adjunct instructor at the Cleveland-Marshall College of Law, Cleveland State University, 1987-2000, and served on four field missions for the World Bank, 1987-1989 (Brazil twice plus Pakistan and Algeria). He has served as an instructor in special studies at Chautauqua Institution in western New York each summer since 1997. He has been affiliated with AIER since 1997 and became a research fellow in 2004. His research interest in taxation of households and small businesses was stimulated by his experience preparing taxes in H&R Block offices in Cleveland suburbs since 1998. He completed the qualifying examinations and obtained Enrolled Agent certification from the Internal Revenue Service in 2011. Mr. Todd’s numerous publications include both scholarly and popular articles on deposit insurance and international lending, a book on the history of property rights in the Anglo-American tradition, articles on Federal Reserve discount window and open-market operations, and a comparative study of excess reserves in the banking system in the 1930s and today. He also served as appellate counsel and prepared a United States Supreme Court brief for a group of four farmers in the High Plains who challenged the authority of the Treasury Department to pursue a foreign exchange policy that ignored the interests of manufacturing and agriculture, especially agriculture. See Schroder v. Bush, 263 F.3d 1169 (10th Cir. 2001), certiorari denied by the Supreme Court in January 2002.