Accurate, Focused Research on Law, Technology and Knowledge Discovery Since 2002

Category Archives: Financial System

Paper – Crises and Tax

Blair-Stanek, Andrew, Crises and Tax (March 27, 2017). Duke Law Journal, Vol. 67, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2941772

“How can law best mitigate harm from crises like storms, epidemics, and financial meltdowns? This Article uses the law-and-economics framework of property rules and liability rules to analyze crisis responses across multiple areas of law, focusing particularly on the Internal Revenue Service’s numerous actions to battle the 2008-09 financial crisis. Remarkably, the IRS’s tax-law responses to that crisis cost more money than Congress’ higher-profile bank bailouts. But many of the IRS’s responses were also underinclusive, causing preventable layoffs and foreclosures. This Article explains these failures and demonstrates that the optimal response to crises is to shift harsh property rules to compensatory liability rules, temporarily. Arranging such shifts in advance further mitigates harm when crises arrive. This analysis also provides new insights for the broader literature on property rules and liability rules. For example, arranging temporary moves to liability rules can avoid windfalls, allow speedier relief, and encourage flexible private contracts. These lessons have practical applications in areas as far afield as how constitutional law and patent law respond to epidemics.”

Youth Banking Resource Center

“The FDIC is sharing resources to encourage banks and schools to work together to improve the financial skills and experiences of youth. Financial education and school-based savings programs introduce young people to financial services at an early age, while helping youth learn how to manage their money more effectively. Youth savings programs not only encourage… Continue Reading

The Financial Action Task Force: An Overview

The Financial Action Task Force: An Overview, James K. Jackson, Specialist in International Trade and Finance, March 23, 2017. [CRS report via FAS] “The National Commission on Terrorist Attacks Upon the United States, or the 9/11 Commission, recommended that tracking terrorist financing “must remain front and center in U.S. counter terrorism efforts” (see The 9/11… Continue Reading

Fortune – World’s 50 great leaders

“In business, government, philanthropy and the arts, and all over the globe, these men and women are transforming the world and inspiring others to do the same. Read more about our fourth annual list here.” Continue Reading

Sentieo Trump Tracker: Follow The President’s Impact on Your Investment

Senteio Blog: “Today, we are excited to introduce the Trump Tracker. It’s a bot that constantly scans new public financial documents for mentions of President Trump. These documents include all SEC filings, conference call transcripts, investor presentations, press releases, and more. The bot instantly surfaces new mentions of Trump as soon as they’re published, while… Continue Reading

How WSJ visualized 500+ conflicts of interest of The Trumps

Storybemch explainer: “The Wall Street Journal recently published an interactive graphic showing the Trump family’s more than 500 potential conflicts of interest. In it, a galaxy of dots and lines show the complicated relationships between Trump, his children and a complex network of business holdings. Storybench spoke with Joel Eastwood, the reporter, and Julia Wolfe, the graphic designer,… Continue Reading

H.R. 1628, American Health Care Act, incorporating manager’s amendments 4, 5, 24, and 25

Follow up to previous postings pertaining to the repeal and replacement of the Affordable Care Act, today’s revised cost estimate remains grim: “CBO and the staff of the Joint Committee on Taxation (JCT) have prepared an estimate of the direct spending and revenue effects of H.R. 1628, the American Health Care Act, as posted on… Continue Reading

Brookings – Mortality and morbidity in the 21st century

“The states with the highest mortality rates from drugs, alcohol and suicide, among white non-Hispanics aged 45-54, are geographically scattered. In 2000, the epidemic was centered in the southwest. By the mid-2000s it had spread to Appalachia, Florida, and the west coast. Today, it’s country-wide. The authors suggest that the increases in deaths of despair… Continue Reading

Politico – Federal staffers panicked by conservative media attacks

Politico – A spate of stories in Breitbart and other outlets have singled out individual career employees, questioning their loyalty to Trump – “Conservative news outlets, including one with links to a top White House official, are singling out individual career government employees for criticism, suggesting in articles that certain staffers will not be sufficiently… Continue Reading

House GOP amended health care bill, but CBO estimates of coverage losses are not likely to meaningfully improve

Follow up to previous postings included in CBO Health Score – 14 million more uninsured next year under GOP plan – via Brookings – “Late Monday night (March 20, 2017) Republican leaders unveiled a “manager’s amendment” that makes several changes to the American Health Care Act (AHCA). The House is currently scheduled to vote on… Continue Reading

Official Corruption Prosecutions Decline: February 2017

“The latest available data from the Justice Department show that during February 2017, the first complete month under the new Trump Administration, there were only 24 new official corruption prosecutions filed by federal prosecutors. During the last two fiscal years of the Obama Administration, federal prosecutors filed an average of 43 official corruption cases each… Continue Reading

National Bank Charters for Fintech: Back to the Future?

National Bank Examiner: “After a long and deliberate process of soliciting public input through multiple discussion documents and a forum on responsible innovation, Tom Curry, the Comptroller of the Currency, has just released his agency’s draft Licensing Manual Supplement called Evaluating Charter Applications from Financial Technology Companies and a companion document titled OCC Summary of… Continue Reading