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Daily Archives: August 19, 2013

Economics of Restatement and of Common Law

The Economics of the Restatement and of the Common LawKeith N. Hylton, William Fairfield Warren Distinguished Professor, Boston University; Professor of Law, Boston University School of Law, July 2013 Boston Univ. School of Law, Law and Economics Research Paper No. 13-34

“The common law process appears to have checks and balances that prevent the self-interest of a particular embedded actor (judge or lawyer) from having a substantial distortive effect. The question that follows is whether the Restatement project is also immune, to the same extent as the common law, from the self-interested incentives of actors involved in its creation. I argue that the Restatement process is far more vulnerable to distortion from self-interest than is the common law process.”

Fed to Collect $440M in Large Financial Regulatory Supervision Fees

News release: “The Federal Reserve Board on [August 166, 2013] issued a final rule establishing annual assessment fees for its supervision and regulation of large financial companies. The Dodd-Frank Wall Street Reform and Consumer Protection Act directs the Board to collect assessment fees equal to the expenses it estimates are necessary or appropriate to superviseContinue Reading

Capital Planning at Large Bank Holding Companies

“Large bank holding companies have considerably improved their capital planning processes in recent years, but have more work to do to enhance their practices for assessing the capital they need to withstand stressful economic and financial conditions, the Federal Reserve said in a paper released on Monday.  In the paper, the Federal Reserve discussed inContinue Reading

The Broad-Based Rise in the Return to Top Talent

The Broad-Based Rise in the Return to Top Talent. Kaplan, Steven N., and Joshua Rauh. 2013. “It’s the Market: The Broad-Based Rise in the Return to Top Talent.” Journal of Economic Perspectives, 27(3): 35-56. DOI: 10.1257/jep.27.3.35 “One explanation that has been proposed for rising inequality is that technical change allows highly talented individuals, or “superstars” to manage or performContinue Reading

Separating Goods and Services to Predict Core Inflation

The Parts Are More Than the Whole: Separating Goods and Services to Predict Core Inflation. Richard Peach, Robert Rich, and M. Henry Linder, Federal Reserve Bank of New York. “Economists have not been altogether successful in their efforts to forecast “core” inflation—an inflation measure that typically excludes volatile food and energy prices. One possible explanation is that theContinue Reading

FHFA – Federal Home Loan Banks’ Compliance with Regulatory Limits on Extensions of Unsecured Credit

FHFA’s Oversight of the  Federal Home Loan Banks’  Compliance with Regulatory Limits  on Extensions of Unsecured Credit Evaluation Report, EVL–2013–008, August 6, 2013 “FHLBanks also make a variety of investments, including extensions of short term unsecured credit to domestic and foreign-owned financial institutions. Such credit can pose greater financial risks than advances because it is not securedContinue Reading

AICPA – IRS issues draft FATCA report form

Sally P. Schreiber, J.D. August 15, 2013 – Journal of Accountancy: “On August 16, 2013, the IRS released a draft Form 8966, FATCA Report, which will be used by foreign financial institutions (FFIs) and withholding agents to comply with their FATCA reporting and withholding requirements.  Under the Foreign Account Tax Compliance Act (FATCA), enacted asContinue Reading

Treasury Continues to Aid Individuals and Businesses Affected by Hurricane Sandy

“The regions affected by Hurricane Sandy last fall have made great strides in their recovery but there is still more work to do. Today, President Obama’s Hurricane Sandy Rebuilding Task Force (Task Force) released a Rebuilding Strategy to serve as a model for communities across the nation facing risks from extreme weather and to continue helping theContinue Reading

Obama Administration Releases July Housing Scorecard

“The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury released the July edition of the Obama Administration’s Housing Scorecard – a comprehensive report on the nation’s housing market. The latest data show important progress across many key indicators—as home prices, purchases of new homes, and sales of existing homesContinue Reading

Treasury International Capital data for June 2013

“The U.S. Department of the Treasury released Treasury International Capital (TIC) data for June 2013. The next release, which will report on data for July 2013, is scheduled for September 17, 2013. The sum total in June of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TICContinue Reading

SNAP Proposal Would Eliminate Food Assistance for 4 to 6 Million Low-Income People

Center on Budget and Policy Priorities – Dottie Rosenbaum, Stacy Dean, and Robert Greenstein: “Shortly before Congress adjourned for its August recess, House Republican leaders disclosed that they plan to move a bill in September that cuts SNAP (the Supplemental Nutrition Assistance Program, formerly known as the food stamp program) by about $40 billion overContinue Reading