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Category Archives: Financial System

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…”

Trends in Technology and Digital Security

“Foreword – On September 14, 2017, the George Washington University Center for Cyber & Homeland Security (CCHS) convened a Symposium on Trends in Technology and Digital Security. Four panels addressed emerging threats and their implications for security policy, with a focus on digital infrastructure protection and anticipatory analysis. In addition, a featured speaker from abroad… 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

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

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

The Paradise Papers in four data visuals

Data Driven Journalism: “Revealing 13.4 million documents and implicating more than 120 politicians and world leaders, the Paradise Papers have exposed the hidden happenings of the offshore industry, its users and operators. The International Consortium of Investigative Journalists (ICIJ) began releasing reports on 6 November 2017, drawing on nearly 7 million loan agreements, financial statements, emails, trust… Continue Reading

House Tax Plan sneaks under $1.5 Trillion debt limit – Senate releases two page bill summary

Follow up to previous posting – DavisPolk Posts Updated Tax Bill Navigator Tool – and HR 1 – Tax Cuts and Jobs Act 2017 – via Axios: “The latest version of the House tax bill, passed by the Ways and Means Committee this afternoon, meets Senate deficit requirements, according to a Joint Committee on Taxation… Continue Reading

Equifax says it owns all its data about you – really!

Senate Commerce Committee Hearing – Protecting Consumers in the Era of Major Data Breaches – November 8, 2017: “…“Massive data breaches have touched the vast majority of American consumers,” said [Senator John] Thune [R- S.D.]. “When such breaches occur, urgent action is necessary to protect sensitive personal information. This hearing will give the public the… Continue Reading

Brief Preliminary Distributional Analysis of the “Tax Cuts and Jobs Act”

“The Tax Policy Center has produced preliminary distributional estimates of the Tax Cuts and Jobs Act as introduced on November 3, 2017. We find the legislation would reduce taxes on average for all income groups in 2018 and 2027. The largest cuts, in dollars and as a percentage of after-tax income, would accrue to higher-income… Continue Reading