"We've got to deal with the conflicts. If I hire S&P or Moody's to be my consultant and show me how I can do this and that to get an investment-grade rating or [an] even higher rating, they obviously have a conflict of interest there."
"That's right. I think the compensation model... where the issuer pays for the rating is really at the heart of the conflict problem..."
Young adults have an enormous stake in the financial regulatory reform debate. They have paid a high price for a banking crisis caused by lax regulation, and their economic futures will depend on rebuilding strong public structures for financial regulation going forward. This briefing paper addresses some of the key reforms and the impact of both the banking crisis and unregulated lending practices on young Americans' financial futures.
The major credit rating agencies, Moody’s, Standard & Poors, and Fitch, bear a heavy burden of responsibility for the financial meltdown. It was their seal of approval that enabled Wall Street to develop a multi-trillion-dollar market for bonds resting on a foundation of tricky loans and bubbly housing prices. Institutional investors around the world were seduced into buying these high-risk securities by credit ratings that made them out to be as safe as the most conventional corporate and municipal bonds.
Public Works began this far-reaching effort with groundbreaking analysis and thorough, multifaceted research that examined Americans' attitudes toward the public sector. This research, which was originally conducted in 2004–2005 by the FrameWorks Institute and re–tested in 2008–2009 by the Topos Partnership, was designed to uncover the dominant frames or stereotypes to which Americans default when they think about government and how those frames affect public choices.
This fact sheet includes a brief overview of why paying for college has become so difficult. Suggestions for how college students can lower their own college costs and information on public policies that can make attending college more affordable are included.
TOP FACTS:
Authors R. Michael Alvarez (California Institute of Technology) and Jonathan Nagler (New York University) have analyzed the likely impact on voter turnout should Maryland adopt Same Day Registration (SDR). Under the system proposed in Maryland, eligible voters who miss the current 21-day deadline for registering may be able to register to vote during the state's 7-day early voting period, or on Election Day.
“Same Day Registration” (SDR) allows eligible citizens to register and vote on or before Election Day. In doing so, SDR greatly enhances the opportunity for Americans to participate in the electoral process and cast a ballot that will be properly counted. States that allow for Same Day Registration consistently lead the nation in voter turnout. Nine states and the District of Columbia currently have Same Day Registration.
TOP FACTS:
Advocates, educators and students often make the assumption that more education is always better, that a bachelors or graduate degree is always superior in terms of providing additional economic opportunity. As the following report show, this is not always the case.
Report authors R. Michael Alvarez and Jonathan Nagler have analyzed the likely impact on voter turnout should New Mexico adopt Same Day Registration (SDR). Under the system proposed in New Mexico, eligible voters who miss the current 28-day deadline for registering by mail may be able to register to vote during the state's early voting period. The availability of Same Day Registration procedures should give voters who have not previously registered the opportunity to vote.
The following report evaluates the Trade Adjustment Assistance (TAA) — the primary U.S. policy response to the job dislocations caused by trade. It shows the ways in which TAA has failed to respond adequately to the challenges facing dislocated workers. It highlights the need for a more comprehensive set of policies to help workers and families navigate the economic restructuring that has become an inevitable part of increasing trade and globalization.
Some Facts & Figures:
When drawing legislative districts, New York State counts incarcerated persons as "residents" of the community where the prison is located, instead of counting them in the home community to which they will return, on average, within 34 months. This practice of prison-based gerrymandering ignores more than 100 years of legal precedent.
Increasing numbers of low- and middle-income families use credit cards for basic living expenses. As health care costs have increased and health insurance coverage has become inadequate, medical expenses have become another basic cost that families increasingly cover through credit cards.
"Public structures" has proven to be an effective organizing idea for more constructive conversations about the role of government in American life. The concept was first developed by the principals of the Topos Partnership in research they conducted for Public Works in 2005, and since then, it has been field-tested by Public Works with advocates, elected officials, public sector managers, and public policy organizations around the country.
America's students are facing a serious threat from subprime private loans, and the situation could worsen unless Congress votes to close a potential loophole in the proposed Consumer Financial Protection Agency.
The United States has long granted trade preferences to developing countries that meet various criteria. These criteria, which are stipulated by the Generalized System of Preferences (GSP), have changed with time — reflecting U.S. economic and foreign policy priorities.
While the criteria include non-support for terrorism, enforcement of intellectual property rights, and respect for internationally recognized worker rights, the GSP does not include an environmental provision.
Comprehensive and meaningful systemic risk reform must undo many of the ill-advised deregulatory measuresof the past 20 years, including the four key changes wrought by the Gramm-Leach-Bliley Act.