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Category Archives: Congress

The Rise of Risk Management in Financial Institutions – Diminution of Legal Function

Business Law Today – The Rise of Risk Management in Financial Institutions and a Potential Unintended Consequence – The Diminution of the Legal Function By: Thomas C. Baxter, Jr.  After the global financial crisis, a highly respected group of financial supervisors from the industrialized world convened to consider what might have caused the worst financial crisis experienced since the Great Depression.  This group – aptly named the “Senior Supervisors Group” – concluded that a material contributing cause was what they characterized as a “colossal failure of risk management.”  The Senior Supervisors Group was not alone.  Many other bodies have taken up the same topic and reached a similar conclusion. In the 10 years since the global financial crisis ended, the financial community has responded to the identified causes of the financial crisis, adopting lessons learned and significantly reforming the financial system.  This work has resulted in a financial system with individual institutions that are demonstrably more safe and more sound than before, and a much more resilient banking system overall.  In contrast to what existed on the eve of the crisis – early 2007 – today’s financial system has considerably higher capital and liquidity, as government officials and other commentators have observed.  In addition, and perhaps even more importantly if we accept the conclusion of the Senior Supervisors Group, there has been a revolution in the discipline of risk management and in the “build-out” of processes and procedures for identifying, measuring, monitoring, and controlling risk.  In the United States, for example, one may witness the Dodd-Frank Wall Street Reform and Consumer Protection Act, which President Obama signed into law on July 21, 2010 (the “Dodd-Frank Act”).  The Dodd-Frank Act introduced varied and different requirements for risk management, including a series of “enhanced prudential standards,” as well as governance directed at risk management requirements, like the requirement for a risk committee of the board of directors….

This article will discuss whether the rise of the risk management function has had one very specific unintended consequence – the diminution of the legal function.  To place such an important question in a proper context, this article will focus on the potential inverse relationship – it is not only that the legal function has declined in importance, but it is also that the decline has come as the direct result of the rise in risk.

Report On The Investigation on Russian Interference In The 2016 Presidential Election

U.S. Department of Justice has released the 448 redacted (searchable) report in PDF – Report On the Investigation into Russian Interference In The 2016 Presidential Election, Vols I and II March 2019. Special Counsel Robert S. Mueller III. Submitted Pursuant to 28 C.F.R. Sec 600.8(c). Please see this link for a screen shot of text… Continue Reading

Knowledge Organization Systems

Hanging Together: “That was the topic discussed recently by OCLC Research Library Partners metadata managers, initiated by Daniel Lovins of Yale and Stephen Hearn of the University of Minnesota. As controlled vocabularies and thesauri are converted into linked open data and shared publicly, they often separate from their traditional role of facilitating collection browsing and… Continue Reading

Women in Congress 1917-2019: Service Dates and Committee Assignments by Member, and Lists by State and Congress

EveryCRSReport.com – Women in Congress, 1917-2019: Service Dates and Committee Assignments by Member, and Lists by State and Congress, April 9, 2019. “In total 365 women have been elected or appointed to Congress, 247 Democrats and 118 Republicans. These figures include six nonvoting Delegates, one each from Guam, Hawaii, the District of Columbia, and American… Continue Reading

NYT – How to Cover 2020: Assume Nothing and Beware of Twitter

The New York Times – “Journalists have no idea how the 2020 election will play out. And that’s a good thing. Some of the country’s top political journalists came together last week for a gathering convened by the strategist David Axelrod, to talk about how to cover the presidential race in a way that won’t… Continue Reading

The Insiders’ Guide To the Mueller Report

Politico – How experts and political operatives are gearing up to read the juiciest Washington info dump in two decades. “…The report by special counsel Robert Mueller could be the biggest oppo dump in history. It could be a fizzle. Although Mueller didn’t find enough evidence to charge President Donald Trump for conspiring with Russia… Continue Reading

The Special Counsel’s Report: What Do Current DOJ Regulations Require and Can Congress Get It?

CRS Legal Sidebar via LC – The Special Counsel’s Report: What Do Current DOJ Regulations Require? March 7, 2019: “…This Sidebar examines the current legal obligations of the Special Counsel and Attorney General to report information relating to the investigation to Congress and the public. It also provides historical examples of reports issued for other… Continue Reading

Can the President Close the Border? Relevant Laws and Considerations

CRS Legal Sidebar via LC – Can the President Close the Border? Relevant Laws and Considerations, April 12, 2019: “Does the executive branch have authority to “close” the southern border? Recently, President Trump declared that he would order the closure of the U.S.-Mexico border or at least “large sections” of it, unless Mexico acts to… Continue Reading

House Democrats launch probe into EPA officials’ ties to utilities

POLITICO: “The House Energy and Commerce Committee is launching an investigation into whether top EPA officials violated ethics rules by launching a rollback of air pollution regulations that benefited their former lobbying clients in the electric utility sector. The committee’s Democrats are seeking to probe communications between the utilities and an industry group that was… Continue Reading

To Purge Some of Social Media’s Ugliness, an Unlikely Lesson From Wall St.

The New York Times Deal Book – A simple rule that bolsters the banking system – “know your customer” — could help combat fake news and hate speech online if companies like Facebook and Twitter embraced it. “…The concept is “know your customer” — or KYC, as it’s called on Wall Street — and it’s… Continue Reading

Congress Is About to Ban the Government From Offering Free Online Tax Filing

ProPublica: “Just in time for Tax Day, the for-profit tax preparation industry is about to realize one of its long-sought goals. Congressional Democrats and Republicans are moving to permanently bar the IRS from creating a free electronic tax filing system. Last week, the House Ways and Means Committee, led by Rep. Richard Neal, D-Mass., passed… Continue Reading

Leaks of Classified Info Surge Under Trump

FAS – Secrecy News: “The number of leaks of classified information reported as potential crimes by federal agencies reached record high levels during the first two years of the Trump Administration, according to data released by the Justice Department last week. Agencies transmitted 120 leak referrals to the Justice Department in 2017, and 88 leak referrals in 2018,… Continue Reading