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March 16, 2021
Alvarez only re-entered the regulatory world after six years at Affirm, a fintech e-lender that offers loans up to 30 percent APR under sometimes confusing terms at the point of sale, so consumers rarely have the opportunity to shop around or read the fine print for an informed decision.
March 16, 2021
What is the spirit of a revolver? Perhaps it’s best described as someone who advances “the increasingly influential private-sector approach to world-changing.” That, after all, is how Anand Giridharadas, in his essential book Winners Take All: The Elite Charade of Changing The World, once described Sonal Shah’s current work.
March 16, 2021
Title 1 of the Dodd-Frank Act Title established the Financial Stability Oversight Council (FSOC) just over a decade ago. Prior to its arrival, there was no cross-agency government body tasked with protecting the financial system from systemic risks. FSOC was created to avoid repeating the mistakes of the 2008 financial crisis and to be a safeguard against financial practices with the potential to wreak global havoc.
March 16, 2021
A Slam Dunk Climate Opportunity For Biden: Five Open Seats On The Federal Retirement Thrift Investment Board
President Biden is being presented with a straightforward, simple opportunity to make good on his promise to take a whole-of-government approach to fighting climate change. Appointing climate leaders who will take urgent climate action even if their job descriptions do not explicitly mention the environment is one of the easiest and most important ways Biden can display integrity.
March 16, 2021
Revolver Spotlight: Einer Elhauge
Reports that Harvard Law Professor Einer Elhauge is being considered for a role in the Biden Administration should be treated with extreme caution due to his history of ties to Big Tech and work for the Republican Florida legislature in 2000. Although we at RDP applaud Elhauge’s recent pivot to support strengthening antitrust laws, we urge the Biden Administration to hold appointees to the highest possible standard. In particular, helping promulgate the absurd theory in 2000 that state legislatures can overrule elections conducted under laws they have passed should be disqualifying for any individual attempting to serve in the Biden Administration.
March 10, 2021
On President Biden’s first day in office, he made clear that, after the Trump administration’s fantastically corrupt reign, restoring trust in the federal government’s senior leadership would be a priority. His executive order on ethics, signed within hours of his inauguration, went further than any other towards slowing the revolving door and limiting conflicts of interest while in office. Subsequent appointments make clear, however, that these elevated standards are still not enough. Simply following the letter of the order will leave significant room for conflicts of interest to poison the administration’s actions and public trust.
March 08, 2021
John Kerry, President Biden’s international “Climate Envoy”, appears to want bold climate change policy. Kerry was a leader in developing the framework for the first UN climate talks in 1992, co-authored cap-and-trade legislation back in 2009 when it could have possibly been useful, and was a major driver of the 2015 Paris Agreement.
March 05, 2021
It has been over a month since President Joe Biden assumed the presidency. So far, thirteen of his Cabinet picks have received Senate confirmation, while the remaining ten who will require it wend their way through the process. In the meantime, the administration continues to announce names for the nearly 4000 other positions it will need to fill. With only a few exceptions, however, picks for one class of appointment — to independent agency boards — have not yet been forthcoming. The Biden administration undoubtedly faces many competing priorities, but these nominations must rise to the top.
March 05, 2021
If confirmed as Deputy Attorney General, Lisa Monaco will be the second most powerful legal officer in the executive branch. But her financial disclosures raise profound concerns about who Monaco will truly be serving while in office.
March 02, 2021
Wall Street executives are digging in their heels against the prospect of divesting from fossil fuel investments. At a February event, they peddled the extremely dangerous and false theory that modern society can “rely on the power of markets” to decarbonize our climate-destroying economy.
February 26, 2021
Almost every homeowner and most of the American mortgage-backed securities financial system is subject to the Federal Housing Finance Agency’s (FHFA) regulation. It oversees and guarantees the vast majority of mortgages bought and sold in the United States. The FHFA does this through quasi-public agencies, Fannie Mae and Freddie Mac, which buy mortgages from local banks that they bundle, chop up, and sell to investors. This arrangement ideally allows local banks to provide more and cheaper loans to potential homeowners by letting them sell their mortgage liabilities to the government, and gives investors access to relatively stable investment returns.
February 19, 2021
On January 20, Joe Biden was sworn in as the country’s 46th President. It will be months, even years, however, before all of the accompanying members of his administration are in place. With over 4000 positions to fill, the vetting and selection process necessary to stand up a new administration is formidable. Add to that the lengthy road to Senate confirmation for over 1000 of those picks and you have a recipe for dysfunction.
February 17, 2021
President Biden has committed his administration to countering economic and racial injustice. One area in which such injustices are notoriously and particularly prevalent is the criminal justice system, a reality all too clear for the millions of currently incarcerated Americans. Numerous studies have demonstrated the effects of systemic racism and classism on likelihood of arrest and imprisonment, but such discrimination also extends to the end of one’s sentence when an individual has the opportunity to begin their reintegration into society.
February 16, 2021
President Biden has promised to take a “whole-of-government” approach to tackling the climate crisis, and so far his appointees appear to be following suit. The National Climate Task Force met for the first time in a crowded zoom room last week, and Treasury Secretary Janet Yellen and International Climate Envoy John Kerry met earlier this month to discuss their “climate finance plan” to shift capital towards investments in line with a low-carbon economy.
February 15, 2021
Last week the Biden administration appointed career civil servant Richard Powers as Acting Assistant Attorney General for the Department of Justice Antitrust Division (ATR). With the question of who will become Assistant Attorney General still up in the air and their confirmation likely several months away, the direction of the ATR’s enforcement is left in the hands of three top officials.