Comprehensive and meaningful systemic risk reform must undo many of the ill-advised deregulatory measuresof the past 20 years, including the four key changes wrought by the Gramm-Leach-Bliley Act.
"Public structures" has proven to be an effective organizing idea for more constructive conversations about the role of government in American life. The concept was first developed by the principals of the Topos Partnership in research they conducted for Public Works in 2005, and since then, it has been field-tested by Public Works with advocates, elected officials, public sector managers, and public policy organizations around the country.
Increasing numbers of low- and middle-income families use credit cards for basic living expenses. As health care costs have increased and health insurance coverage has become inadequate, medical expenses have become another basic cost that families increasingly cover through credit cards.
Public Works began this far-reaching effort with groundbreaking analysis and thorough, multifaceted research that examined Americans' attitudes toward the public sector. This research, which was originally conducted in 2004–2005 by the FrameWorks Institute and re–tested in 2008–2009 by the Topos Partnership, was designed to uncover the dominant frames or stereotypes to which Americans default when they think about government and how those frames affect public choices.
The major credit rating agencies, Moody’s, Standard & Poors, and Fitch, bear a heavy burden of responsibility for the financial meltdown. It was their seal of approval that enabled Wall Street to develop a multi-trillion-dollar market for bonds resting on a foundation of tricky loans and bubbly housing prices. Institutional investors around the world were seduced into buying these high-risk securities by credit ratings that made them out to be as safe as the most conventional corporate and municipal bonds.
Young adults have an enormous stake in the financial regulatory reform debate. They have paid a high price for a banking crisis caused by lax regulation, and their economic futures will depend on rebuilding strong public structures for financial regulation going forward. This briefing paper addresses some of the key reforms and the impact of both the banking crisis and unregulated lending practices on young Americans' financial futures.
"We've got to deal with the conflicts. If I hire S&P or Moody's to be my consultant and show me how I can do this and that to get an investment-grade rating or [an] even higher rating, they obviously have a conflict of interest there."
"That's right. I think the compensation model... where the issuer pays for the rating is really at the heart of the conflict problem..."
What does the acronym, “LIBOR,” stand for?
The “London Inter-bank Offered Rate.”
What does LIBOR represent?
LIBOR is promoted as representing the average interest rate that large banks can borrow from one another. LIBOR is not the interest rate on any single loan. Rather it is an index intended to reflect average interbank interest rates as determined by a defined procedure.
LIBOR is not a single interest rate, but is approximately 150 interest rates.
Americans’ lives, health and livelihoods would be put at risk if so called “regulatory reform” proposals now being considered by the U.S. Congress were to become law, slowing or stopping the regulatory process.
These dangerous proposals before congress include The Regulations from the Executive in Need of Scrutiny (REINS) Act, The Regulatory Accountability Act (RAA), and The Regulatory Flexibility Improvement Act (RFIA).
Americans’ lives, health and livelihoods would be put at risk if so called “regulatory reform” proposals now being considered by the U.S. Congress were to become law, slowing or stopping the regulatory process.
These dangerous proposals before congress include The Regulations from the Executive in Need of Scrutiny (REINS) Act, The Regulatory Accountability Act (RAA), and The Regulatory Flexibility Improvement Act (RFIA).
In 2013, student debt surpassed $1.2 trillion,1 highlighting a disturbing new reality: for an increasing share of students, higher education comes at the cost of long term debt. In 1989, 41 percent of graduating college seniors left school with student loan debt, which averaged $26,600. By 2012, two-thirds of graduating seniors had assumed such debt.2 Higher education was once the gateway to the middle class.
It seems reasonable to ask that this law, which would give the Executive Branch the power to extend its version of cost-benefit analysis to independent agencies, show that its benefits are greater than its costs. A close analysis of the proposal’s impact on the financial sector shows that it fails this test.
We have analyzed the likely impact on voter turnout should Hawaii adopt Election Day Registration (EDR). Under the system proposed in Hawaii, eligible voters who miss the current 30-day deadline for registering by mail may be able to register to vote on Election Day. The availability of Election Day Registration procedures should give voters who have not previously registered the opportunity to vote.
Authors R. Michael Alvarez (California Institute of Technology) and Jonathan Nagler (New York University) have analyzed the likely impact on voter turnout should Maryland adopt Same Day Registration (SDR). Under the system proposed in Maryland, eligible voters who miss the current 21-day deadline for registering may be able to register to vote during the state's 7-day early voting period, or on Election Day.
In a recent report from the Heritage Center for Data Analysis (2008) titled Welfare Reform a Factor in Lower Voter Registration at Public Assistance Offices, authors Muhlhausen and Tyrrell argue that the Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA)--passed in 1996 as part of Clinton's Welfare overhaul-- is an important cause of the decline in the number of individuals who have registered to vote in public assistance agencies.
A Demos briefing book, with state-and federal-level application, to help elected officials advance new policies that promote electoral participation and provide all Americans with access to a stable, secure middle class.
Provide 12 weeks of paid benefits to employees who need time off work to care for a new child, a sick family member, or their own illness. The self-financing trust is funded by premiums paid equally by employers and employees.
Give states additional Child Care and Development Block Grant funding to double the number of children served by child care assistance, make the federal Child and Dependent Care Tax Credit refundable, and expand Head Start and Early Head Start.