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Discussion Paper
Unemployment Benefits Under the New Stimulus Package
Journal Article
Responding to Pandemic Learning Loss
The end of this school year marks just over two years since the onset of the COVID-19 pandemic. In that time, students and educators across the country have had to adapt continually to new styles of learning and education delivery. Many students have found success in virtual and hybrid environments, while others have had a more difficult time. This has led to a loss in learning compared to where students would normally have been based on their age and development stage. This loss has the potential to set back these students for years to come, affecting not only their development, but also the ...
Journal Article
Policy Update: The CFPB in the Supreme Court, Again
The Consumer Financial Protection Bureau (CFPB) has been a source of debate since its creation in the 2010 Dodd-Frank Act. These debates, which have spilled out from the legislative branch into the courts, have often centered around the relative political independence granted by the agency's unique structure. A case that is now before the U.S. Supreme Court, CFPB v. Community Financial Services Association of America, challenges the constitutionality of the CFPB's funding structure and has the potential to throw into question regulatory decisions made by the agency.
Journal Article
Policy Update: Understanding the Inflation Reduction Act
In August, President Biden signed into law a spending, revenue, and deficit reduction bill titled the Inflation Reduction Act (IRA). Born out of the never-enacted Build Back Better Act, a $1.8 trillion stimulus and revenue package proposed at the beginning of the Biden administration, the IRA is the result of extended negotiations that changed the bill from a broad social and economic stimulus bill into one focused on clean energy, health care, and deficit reduction. These changes secured the final votes needed to pass the legislation on a party-line basis. It represents one of the largest ...
Discussion Paper
State Revenues Hit Hard by COVID-19
The measures taken to slow the spread of COVID-19 have not only led to a sharp decline in employment and an unprecedented rise in unemployment but have negatively impacted state and local governments that depend on income and sales taxes as primary sources of revenue.
Journal Article
Policy Update: Taking Back Bankers’ Compensation
For several years, leaders at Silicon Valley Bank made a series of bets that contributed, along with poor risk management, to the ultimate failure of that institution. Subsequently, almost up to the very hour federal regulators took over the failing bank, its top leaders were receiving significant bonuses. If bank executives are found to be responsible for the failure of their institution, should those executives be able to keep the profits they earned while leading the bank into ruin? As part of its efforts to prevent future bank failures, Congress has been examining the authorities granted ...
Journal Article
Policy Update: A Brewing Debate over ESG
Public companies, including banks, are being pressured by activists and some investors to disclose more information about the real-world effects of their activities — an effort known as the Environmental, Social, and Governance (ESG) movement. While the "E" (for environmental) often garners the most attention, ESG encompasses a broader range of issues and practices. As a result of this controversy, a debate is underway over ESG-related disclosure requirements.
Journal Article
Policy Update: After the Infrastructure Bill
In 1988, the congressionally chartered National Council on Public Works Improvements issued its final report card on the state of U.S. infrastructure. That report gave America’s infrastructure a grade of C, and subsequent report cards issued by the American Society of Civil Engineers, or ASCE, have found that U.S. infrastructure needs have only grown since. The most recent report cards from ASCE ranked states in the Fifth District at about the national average, with infrastructure in Maryland and North Carolina receiving the highest overall grades of C and West Virginia and South Carolina ...
Journal Article
Policy Update: Will Chevron Keep its Stripes?
Following the will of Congress is often a complicated endeavor for regulators, especially when lawmakers leave aspects of a regulatory law unclear. That uncertainty often leads to litigation. But how should courts determine if an administrative agency has gone outside the bounds of the law when designing regulations? This is an important question for regulators, like the Fed, that have been charged with implementing laws passed by Congress.In the 1984 landmark case Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc. the Supreme Court established a process to determine ...