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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: Independence, If You Can Keep It
Historically, Congress has tended to take an acute interest in examining the structure of the Federal Reserve whenever there is economic turmoil. The economic swing during the COVID-19 pandemic and the current period of elevated inflation are no different. In response, lawmakers and policy influencers have voiced concerns about the Fed's ability to promote an equitable economic recovery as well as its ability to manage inflation. These proposals have spanned the political spectrum, including expanding the Fed's monetary policy mandate into new areas, bringing monetary policy decision-making ...
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: Stability for Stablecoins?
Cryptocurrencies have come a long way: From an academic idea in the 1980s to the birth of bitcoin in 2009 to their current state as a multi-trillion-dollar tradable asset class, they have become a major part of the financial system and, increasingly, an important policy issue. State and federal governments have sought to understand the risks and benefits of these often volatile assets, resulting in a patchwork of regulatory structures. One important type of cryptocurrency for which regulation has been contentious is stablecoins, whose value is pegged to an existing asset, often the dollar.
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: 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 ...
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 ...
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.