Independent Agencies

Dear Secretary Cardona:

We are writing today to thank the Department of Education for committing to reform its practices on opposing and appealing student loan discharges in bankruptcy court. Our organizations call on the Department to immediately withdraw oppositions to individuals seeking undue hardship discharges in bankruptcy proceedings while these reforms are being implemented.

A coalition of 17 advocacy organizations called on Education Secretary Miguel Cardona to immediately withdraw his department’s opposition to student borrowers seeking to discharge their debt in bankruptcy court while the Department reviews its bankruptcy policies in a letter on Thursday. The letter can be read here. 

Through its oversight of Fannie Mae and Freddie Mac, the FHFA is closely involved in regulating financing for multifamily housing across the country.

If you search for the Civil Division of the Department of Justice (DOJ) on Google, you’ll find an overwhelming majority of search results are for the Civil Rights Division. That’s unsurprising — the average person is typically more aware of the Civil Rights Division’s work. And it makes sense: As the “crown jewel” of the DOJ, the division performs the crucial work of enforcing the laws that prohibit discrimination.

Since the Copyright Office provides expert recommendations and advice to Congress, the executive branch, and the courts, Disney’s recent employees may soon be advising government officials about copyright policy.

Since the start of the year, we have warned that failure to promptly fill vacant and expired seats on independent agency boards would undermine the Biden administration’s agenda across many issue areas. Now, as executive branch policymaking kicks into high gear across this administration, we are seeing examples of this warning becoming a reality. 

Climate change poses a serious threat to everything the Securities and Exchange Commission (SEC) is meant to protect and oversee. The Commodity Futures Trading Commission (CTFC)’s “Managing Climate Risk in the U.S. The Financial System ”report makes this abundantly clear. The report concludes that climate change may “exacerbate existing, non-climate related vulnerabilities in the financial system, with potentially serious consequences for market stability”. Furthermore, the physical and transitional risks of climate change will likely lead to systemic and sub-systemic financial shocks. These shocks would cause “unprecedented disruption in the proper functioning of financial markets and institutions” and further marginalize communities underserved by the financial system. To fulfill its mandate, of maintaining fair, orderly, and efficient markets, protecting investors, and facilitating capital formation, the SEC must proactively ensure there is enough personnel to monitor and enforce regulations that will keep markets stable and adaptable. 

Today, the Revolving Door Project released its SEC Climate Capacity Report examining the detrimental impact of capacity shortfalls on the Securities and Exchange Commission (SEC)’s climate work. This report is the second installment of its Climate Finance Capacity Project. The Climate Finance Capacity Project explores the power and responsibility that each of the Financial Stability Oversight Council’s member agencies has to address the climate crisis and consider how resource limitations threaten to limit their impact. 

One tiny federal agency with 116 full-time employees and a $28.9 million dollar budget is in charge of regulating the global marine economy, which contributes $397 billion to the US GDP annually and accounts for 80 percent of goods shipped worldwide. That’s not just an apples and oranges discrepancy—that’s like an apple versus Apple. The budget for the military’s marching bands is fifteen times greater than the Federal Maritime Commission’s budget; the Marines alone have five times more musicians than the Commission has staff.

Biden made big promises to American college students and graduates in his presidential campaign, just to walk them back when he became president.

McWilliams and Chopra both make compelling characters, but only one is quite clearly violating the law, and attempting to seize absolute power over a crucial agency with no repercussions.

If the FDIC general counsel is loyal primarily to McWilliams, then his opinion can’t be taken as independent in this matter.