This week, former Secretary of the Treasury Timothy Geithner released his memoir Stress Test: Reflections on Financial Crises. Below is an interview between Secretary Geithner and Ezra Klein of Vox.
In a full-page advertisement in The Wall Street Journal, more than 60 national defense leaders called for Congress to, “reform the way it oversees homeland security, saying that the current system jeopardizes national security and leaves the nation vulnerable to cyber-attacks, bioterrorism, and other threats.”
Last Thursday, U.S. Citizenship and Immigration Services (USCIS) released updated data on the Deferred Action for Childhood Arrivals (DACA) program. According to the new data, USCIS has approved over 550,000 applications, representing 86 percent of applications accepted for review. Based on estimates of the eligible population, this accounts for more than half of DACA-eligible unauthorized immigrants.
The New American System
By Jim Manzi, National Affairs
“There is much talk in Washington now about the need for a new era of American innovation to help us break out of an economic rut. But there is far less understanding of the ways in which these cycles of innovation and stagnation have worked, and so of what might be required to revive our economic prospects. By seeing how we've managed, time and again, to remake America into an engine of innovation and prosperity, we can better understand the nature of the challenge we now face, the character of the opportunities we may have for addressing it, and the kinds of responses that are most likely to work.”
This month, BPC highlights Representatives Mike Quigley (D-IL) and Joe Heck (R-NV) for their bipartisan effort to improve the U.S. economy and create jobs by making it easier for foreign visitors to travel to the U.S. The Congressmen have worked together to introduce H.R. 1354, the Jobs Originated through Launching Travel (JOLT) Act.
On May 7, according to a Reuters news report, a letter was sent to Congress from the Treasury Department indicating that the technical capability exists to make interest and principal payments on Treasury-issued debt while stopping other payments. Some have proposed that this might be a solution if the nation were up against the debt limit without sufficient cash-on-hand to make all payments in full and on time – an unprecedented situation.
The horrific kidnapping of hundreds of Nigerian school girls has drawn international attention to and condemnation of Boko Haram. While the current crisis has brought a global focus on this dangerous group, they have been engaged in terrorist activities for a number of years. In the Bipartisan Policy Center’s September 2013 Threat Assessment, the Homeland Security Project identified previous deadly attacks perpetrated by the more than a decade-old organization and outlined their focus on creating Sharia law throughout Nigeria.
Prize-Linked Savings (PLS) accounts are like standard savings accounts – but instead of accruing interest, savers are entered into a lottery for larger amounts of money. In the U.S., PLS products are available only in some states and on a limited basis, but they are already employed widely in over 20 countries around the world.
Have last year’s changes to the U.S. Senate’s filibuster rule changed the speed at which independent financial regulators are nominated or confirmed? It is too soon to answer that question, but the unusual number of current and upcoming vacancies on the Federal Reserve Board of Governors (Board) will provide a notable test case in the Senate.
At a speech this morning at the Federal Reserve Bank of Chicago, Federal Reserve Board Governor Daniel K. Tarullo suggested that the level at which bank holding companies are automatically subject to more stringent prudential standards has been set too low. BPC applauds Governor Tarullo for taking a stand that may be unpopular but is also right.