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Category Archives: Economy

Statute that created CFPB documents succession plan in absence of director

The Intercept – “As soon as Richard Cordray, the current director of the Consumer Financial Protection Bureau, officially resigns — which could happen as soon as this week — we are told President Donald Trump will choose Mick Mulvaney, the current director of the Office of Management and Budget, to run the CFPB on a temporary basis. It would be a GOP dream come true. Mulvaney, who once called CFPB a “sad, sick joke,” would then be able to carry out the long-desired conservative wish to dismantle the agency that safeguards consumers from the deceptions of banks and credit card companies. Practically every media outlet has carried this report about Mulvaney to CFPB. There’s only one problem: it’s not Trump’s pick to make. That fact, and expected resistance to that fact inside the White House, could create a titanic legal battle, and a scenario with competing interim directors of the agency, which has become a political football ever since Congress created it in 2010. “This will be like the situation where you had two popes,” said Jeff Hauser, executive director of the Revolving Door Project at the Center for Economic and Policy Research. Adam Levitin, Georgetown Law professor and former CFPB adviser, was the first to point this out. The statute that created the CFPB is pretty clear: In the event of the absence of a director for the agency, the deputy director serves that role. The director appoints the deputy director; it doesn’t require Senate confirmation…”

Approaches for Managing the Costs of U.S. Nuclear Forces, 2017 to 2046

Presentation by Michael Bennett, an analyst in CBO’s National Security Division, at the Carnegie Endowment for International Peace. November 20, 2017. “The Obama Administration’s 2017 plans for nuclear forces would cost about $1.2 trillion (in 2017 dollars) over the 2017–2046 period, CBO estimates. About $400 billion of that total would pay for modernization, according to… Continue Reading

Switching Jobs When people move to different jobs, here’s where they go.

FlowingData: “Many dream of the day they can walk into their boss’s office to tell him or her what they really think and then storm out in a blaze of glory. Or, maybe there’s less bitterness involved, and you just feel like it’s time to shift the career path. Where do you go after you… Continue Reading

Analysis of the Tax Cuts and Jobs Act

Tax Policy Center: “The Tax Cuts and Jobs Act is working its way through Congress. On November 9, the House Ways and Means Committee passed a version of the Tax Cuts and Jobs Act (link is external) and the entire US House of Representatives passed its version of the bill (link is external)on November 16.… Continue Reading

Offshore Leaks Database – ICIJ Releases Paradise Papers Data From Appleby

“The International Consortium of Investigative Journalists published new data in the Offshore Leaks Database on close to 25,000 entities connected to the Paradise Papers investigation. The new records come from the offshore law firm Appleby and cover a period of more than six decades through to 2014 of entities registered in more than 30 offshore… Continue Reading

International Bar Association – President’s Task Force on the Future of Legal Services

President’s Task Force on the Future of Legal Services: “The legal profession is in a period of profound change, the pace of which is intensifying. Change on this scale can be both threatening and challenging, but change can also make way for new opportunities. The IBA Task Force on the Future of Legal Services was… Continue Reading

Best Places to Shop on Black Friday

24/7 Wall St: Best Places to Shop on Black Friday – “Black Friday, the traditional start to the holiday shopping season, has lost its frenetic edge as holiday sales promotions creep into Thanksgiving, and some stores plan to open on Thanksgiving Day. Retailers such as Amazon and Target are offering deals even earlier than Black Friday.… Continue Reading

House or Senate Tax Bills Would Still Add to Debt

JCX-58-17 (November 16, 2017) – Distribution Effects Of The Chairman’s Modification To The Chairman’s Mark Of The “Tax Cuts And Jobs Act,” Scheduled For Markup By The Committee On Finance On November 16, 2017. Committee for a Responsible Federal Budget Budget – Dynamic Scoring Confirms: House or Senate Tax Bills Would Still Add to Debt:… Continue Reading

CBO – Trends in the Distribution of Household Income

Presentation by Kevin Perese, an analyst in CBO’s Tax Analysis Division, at the University of Michigan’s 65th Annual Economic Outlook Conference. November 16, 2017. “Using CBO’s new distributional framework and improved estimates of income from means-tested transfers, this presentation examines the distribution of household income and how means-tested transfers and federal taxes affect that distribution.… Continue Reading

Beyond GDPR: The Challenge of Global Privacy Compliance

TechPrivacy – Daniel Solove: “For multinational organizations in an increasingly global economy, privacy law compliance can be bewildering these days. There is a tangle of international privacy laws of all shapes and sizes, with strict new laws popping up at a staggering speed. Federal US law continues to fade in its influence, with laws and regulators… Continue Reading

Leonardo da Vinci painting sells in 20 minute auction for record price of $250M

Washington Post – “Leonardo da Vinci’s painting, “Saviour of the World,” sold for $450,312,500 Wednesday at auction, Christie’s said. The price, which includes a buyer’s premium, makes it “the most expensive painting ever sold at auction,” the auction house said in a statement. The previous record for the most expensive painting sold at auction was $179,364,992 for… Continue Reading

New Republic – The Cause and Consequences of the Retail Apocalypse

Private equity firms overburdened businesses with debt, and now workers are paying the price. Will policymakers do anything about it? By David Dayen. November 14, 2017. “The Macy’s near my house is closing early next year. The mall where it’s located has seen less and less foot traffic over the years, and losing its anchor… Continue Reading