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Category Archives: Economy

Federal Reserve Board proposes rule to support U.S. financial stability by enhancing the resolvability of very large and complex financial firms

“The Federal Reserve Board on Tuesday proposed a rule [May 3, 2016] to support U.S. financial stability by enhancing the resolvability of very large and complex financial firms.  The proposal would require U.S. global systemically important banking institutions (GSIBs) and the U.S. operations of foreign GSIBs to amend contracts for common financial transactions to prevent the immediate cancellation of the contracts if the firm enters bankruptcy or a resolution process. This change should reduce the risk of a run on the solvent subsidiaries of a failed GSIB caused by a large number of firms terminating their financial contracts at the same time. These contracts, called qualified financial contracts (QFC), are used for derivatives, securities lending, and short-term funding transactions such as repurchase agreements. The proposal would apply to bilateral, uncleared QFCs. Because GSIBs conduct a large volume of transactions through these contracts, the mass termination of QFCs may lead to the disorderly unwind of the GSIB, spark asset fire sales, and transmit financial risk across the U.S. financial system.  The proposal ensures consistency with restrictions on financial contracts under Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act that support the orderly resolution of financial firms. By requiring GSIBs to make clear in their QFCs that the U.S. special resolution regimes apply, the proposal would help ensure that all QFC counterparties–domestic and foreign–would be treated in the same way in an orderly resolution. The proposal would also require GSIBs to ensure that their QFCs restrict the ability of counterparties to terminate the contract, liquidate collateral, or exercise other default rights based on the resolution of an affiliate of the GSIB. This restriction on default rights will help ensure that the affiliates of a GSIB that are able to meet their obligations are not forced to enter resolution by the failure of another affiliate of the GSIB. Under the proposal, GSIBs may also comply by using QFCs that are modified by the International Swaps and Derivatives Association (ISDA) 2015 Resolution Stay Protocol. The ISDA Protocol was developed by market participants that are members of ISDA, in coordination with the Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and foreign regulators.”

Traditional and Roth Individual Retirement Accounts (IRAs): A Primer

CRS report via FAS – Traditional and Roth Individual Retirement Accounts (IRAs): A Primer, John J. Topoleski, Analyst in Income Security. April 27, 2016. “In response to concerns over the adequacy of retirement savings, Congress has created incentives to encourage individuals to save more for retirement through a variety of retirement plans. Some retirement plansContinue Reading

Ovarian Cancers: Evolving Paradigms in Research and Care

The National Academies Press – Ovarian Cancers: Evolving Paradigms in Research and Care (2016). Committee on the State of the Science in Ovarian Cancer Research; Board on Health Care Services; Institute of Medicine; National Academies of Sciences, Engineering, and Medicine “In an era of promising advances in cancer research, there are considerable and even alarmingContinue Reading

Greenpeace Netherlands Releases TTIP Documents

Via Greenpeace – Annie Leonard. May 2, 2016: “Greenpeace Netherlands released to the public secret documents from the United States’ current trade negotiations with the European Union. The deal is called the Transatlantic Trade and Investment Partnership (TTIP for short) and once it’s agreed upon it will govern the U.S.-European economic relationship for years. YouContinue Reading

NYFed – What’s Up with GCF Repo

Liberty Street Economics – What’s Up with GCF Repo®? Jacob Adenbaum, David Hubbs, Antoine Martin, and Ira Selig “In a recent Important Notice, the Fixed Income Clearing Corporation (FICC) announced that it would no longer support interbank trading for its General Collateral Finance Repo Service. (GCF Repo®, hereafter GCF Repo, is a registered service markContinue Reading

UN-Habitat Urban Data Portal

UN-Habitat Urban Data – Free and open access to data about countries and cities around the globe. “The urban indicators data available here are analyzed, compiled and published by UN-Habitat’s Global Urban Observatory which supports governments, local authorities and civil society organizations to develop urban indicators, data and statistics. Urban statistics are collected through householdContinue Reading

2017–2022 Outer Continental Shelf Oil and Gas Leasing Proposed Program

Department of the Interior, Bureau of Ocean Energy Management: 2017–2022 Outer Continental Shelf Oil and Gas Leasing Proposed Program – “The Bureau of Ocean Energy Management (BOEM) is responsible for administering the leasing program for oil and gas resources on the Outer Continental Shelf (OCS) and developing a five-year schedule of lease sales designed toContinue Reading

USDA Organic Survey 2014

“The 2014 Organic Survey is a Census Special Study conducted by the U.S. Department of Agriculture’s (USDA) National Agricultural Statistics Service (NASS) in conjunction with USDA’s Risk Management Agency (RMA). This is the third organic production and practices survey NASS has conducted on the national level; the previous data collection efforts were the 2011 CertifiedContinue Reading

401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2014

VanDerhei, Jack and Holden, Sarah and Alonso, Luis and Bass, Steven, 401(k) Plan Asset Allocation, Account Balances, and Loan Activity in 2014 (April 2016). EBRI Issue Brief, Number 423 (April 2016). Available for download at SSRN: “This paper is an update of the Employee Benefit Research Institute (EBRI) and the Investment Company Institute’s (ICI)Continue Reading

Researchers around the world increasingly turning to pirated papers due to prohibitive publisher costs

Follow up to previous posting, Controversy over free journal access database keeps Sci-Hub in legal and research spotlight, via Science – Who’s downloading pirated papers? Everyone by John Bohannon – “These statistics are based on extensive server log data supplied by Alexandra Elbakyan, the neuroscientist who created Sci-Hub in 2011 as a 22-year-old graduate studentContinue Reading

GAO Reports – Municipal Freshwater Scarcity, U.S. Postal Service

Municipal Freshwater Scarcity: Survey of Technology Adoption by Municipal Water Utilities (GAO-16-588SP, April 29, 2016), an E-supplement to GAO-16-474, GAO-16-588SP: Published: Apr 29, 2016. Publicly Released: Apr 29, 2016: “This e-supplement presents the results of GAO s web-based survey of 1,303 U.S. municipal water utilities. The survey asked questions about: (1) the technologies utilities useContinue Reading

GAO Report – Government Efficiency and Effectiveness: Opportunities to Reduce Fragmentation

Government Efficiency and Effectiveness: Opportunities to Reduce Fragmentation, Overlap, and Duplication and Achieve Other Financial Benefits, GAO-16-580T: Published: Apr 27, 2016. Publicly Released: Apr 27, 2016. “GAO’s 2016 annual report identifies 92 new actions that Congress and executive branch agencies could take to improve the efficiency and effectiveness of government in 37 areas. GAO identifiesContinue Reading