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Category Archives: Economy

Comparing Bank and Federal Reserve Stress Test Results

Beverly Hirtle, Anna Kovner, and Eric McKay, New York Fed: “Stress tests have become an important method of assessing whether financial institutions have enough capital to operate in bad economic conditions. Under the provisions of the Dodd-Frank Act, both the Federal Reserve and large U.S. bank holding companies (BHCs) are required to do annual stress tests and toContinue Reading

Report: Dodd-Frank Act Does Not End Too Big to Fail But Perpetuates It as Official Policy

“House Financial Services Committee Chairman Jeb Hensarling (R-TX) and Oversight and Investigations Subcommittee Chairman Patrick McHenry (R-NC) today released a committee staff report [prepared by the Republican Staff of the Committee on Financial Services] that concludes the Dodd-Frank Act did not end “too big to fail” as the law’s supporters claim, but actually had theContinue Reading

Growing Deficits Over the Long Term Would Cause Federal Debt to Exceed 100 Percent of GDP by 2039

“Last week CBO released its latest report on the long-term budget outlook. (For a quick overview of the report, take a look at The 2014 Long-Term Budget Outlook in 26 Slides.) Previous blog posts have highlighted the projected imbalance in federal spending and revenues over the next 25 years. Today’s post explains how projected shortfalls would accumulateContinue Reading

New GAO Reports – African Growth Opportunity, Consumer Finance, State Department

AFRICAN GROWTH AND OPPORTUNITY ACT: Observations on Competitiveness and Diversification of U.S. Imports from Beneficiary Countries, GAO-14-722R:  Published: Jul 21, 2014. Publicly Released: Jul 21, 2014. CONSUMER FINANCE: Credit Cards Designed for Medical Services Not Covered by Insurance, GAO-14-570: Published: Jun 19, 2014. Publicly Released: Jul 21, 2014. STATE DEPARTMENT: Implementation of Grants Policies Needs Better Oversight, GAO-14-635: Published: Jul 21, 2014. PubliclyContinue Reading

U.S. Foreign Aid to the Palestinians – CRS

U.S. Foreign Aid to the Palestinians. Jim Zanotti - Specialist in Middle Eastern Affairs. July 3, 2014. “Since the establishment of limited Palestinian self-rule in the West Bank and Gaza Strip in the mid-1990s, the U.S. government has committed more than $5 billion in bilateral assistance to the Palestinians in the West Bank and Gaza, who are among theContinue Reading

Obama opens East Coast to oil search, sonic cannons – AP

AP: “The Obama administration is reopening the Eastern Seaboard to offshore oil and gas exploration, announcing final approval Friday of sonic cannons that can pinpoint energy deposits deep beneath the ocean floor. The decision promises to create plenty of jobs and thrills the oil industry, but dismays environmentalists worried about the immediate impact as well asContinue Reading

Fostering Innovation, Creating Jobs, Driving Better Decisions: The Value of Government Data

“This report finds: Government data potentially guides trillions of dollars of investments each year. Government data helps governments to better target scarce resources, businesses stay competitive, and individuals stay informed about the communities in which they live. As the real world examples in this report demonstrate, individuals, businesses, other organizations, and governments use Government dataContinue Reading

June jobless rates down in 22 states, up in 14; payroll jobs up in 33 states, down in 17

BLS news release: ‘Regional and state unemployment rates were generally little changed in June. Twenty-two states and the District of Columbia had unemployment rate decreases from May, 14 states had increases, and 14 states had no change, the U.S. Bureau of Labor Statistics reported today. Forty-nine states and the District of Columbia had unemployment rateContinue Reading

In Post-Recession Era, Young Adults Drive Continuing Rise in Multi-Generational Living

“A record 57 million Americans, or 18.1% of the population of the United States, lived in multi-generational family households in 2012, double the number who lived in such households in 1980. After three decades of steady but measured growth, the arrangement of having multiple generations together under one roof spiked during the Great Recession of 2007-2009 andContinue Reading

New GAO Reports – Bureau of the Fiscal Service, Tax Policy

Management Report: Improvements Are Needed in the Bureau of the Fiscal Service’s Information Systems Controls, GAO-14-693R: Published: Jul 18, 2014. Publicly Released: Jul 18, 2014: “During GAO’s audit of the Schedules of Federal Debt Managed by the Department of the Treasury’s (Treasury) Bureau of the Fiscal Service (Fiscal Service) for the fiscal years ended September 30, 2013,Continue Reading

New poll on anniversary of Dodd Frank finds majority of Americans identify Wall Street with risk

“On the 4th anniversary of the passage of the Dodd-Frank law and nearly 6 years since the financial collapse of 2008, American voters still distrust Wall Street and big banks and strongly support tough financial regulation of them, according to a new national survey of likely 2014 voters. The result is a strong majority of voters supporting stricter regulations of theContinue Reading

Almost 17 percent of outstanding past-due balance of student loans is held by those over 50

Becky Yerak and Kristin Samuelson, Chicago Tribune reporters: “A report released Wednesday by Barclays notes that 15.5 percent of outstanding student loan debt is owed by people 50 and older, including 4.2 percent held by people 60 and older. Those are staggering amounts given that outstanding student loan debt has surpassed $1 trillion, exceeding theContinue Reading