Race and Regulation Podcast Episode 2 - Why Are There So Few Black Financial Regulators?

For generations, regardless of which party has controlled the White House, Black leaders have been virtually absent across the federal government’s financial regulatory bodies—a state of affairs that has severely limited the representation of Black communities and their interests in financial policy decisions in the United States. Chris Brummer of Georgetown Law discusses why longstanding racial disparities in financial regulatory leadership continue even today—and what changes might be required to overcome them

The Ties That Bind? Regionalism, Commercial Treaties, and the Future of Global Economic Integration

A revolutionary shift in international cooperation is underway. Many governments, frustrated with dissension hampering multilateral trade reform at the World Trade Organization ( WTO ), are now turning to bilateral and regional treaties to forward their commercial interests.1 Under these agreements, which rocketed from fewer than 390 in 1989 to more than 2,400 today,2 states have relinquished key aspects of their economic sovereignty to participate in two-party pacts and regional trade clubs like the North American Free Trade Agreement ( NAFTA ) and the European Union ( EU ). As a result of such cooperation, most countries no longer may levy tariffs easily, subsidize their domestic industries, or expropriate foreign investment without compensation. Instead, states are increasingly bound by what some commentators describe as a spaghetti bowl 3 of side arrangements and special commitments that restrict their ability to extract rents from participants in their economic alliances. Though academics have occasionally discussed whether regional and bilateral instruments threaten the hegemony of the multilateral trading system, they have paid no attention to equally important tensions arising between regional and bilateral agreements themselves. Instead, scholars almost universally have treated bilateral and regional agreements as functionally indistinguishable. This Article argues, however, that bilateral instruments comprise a distinct and important mode of cooperation that at times operates inconsistently with the aims of some regional organizations and their members. In addition to seriously undermining the collective bargaining efforts of regional organizations, bilateral agreements potentially alter the economic relations between an organization\u27s stronger and weaker members. Generally, stronger countries in regional organizations are positioned to craft internal and external regional policies that protect their own sensitive markets while liberalizing those of weaker members. Bilateralism unsettles this arrangement by granting smaller states opportunities to leverage relationships with outsiders and at times liberalize their markets in ways more economically favorable than those available regionally

Fintech and the Innovation Trilemma

Whether in response to roboadvising, artificial intelligence, or crypto-currencies like Bitcoin, regulators around the world have made it a top policy priority to supervise the exponential growth of financial technology (or fintech ) in the post-Crisis era. However, applying traditional regulatory strategies to new technological ecosystems has proven conceptually difficult. Part of the challenge lies in the tradeoffs involved in regulating innovations that could conceivably both help and hurt consumers and market participants alike. Problems also arise from the common assumption that today\u27s fintech is a mere continuation of the story of innovation that has shaped finance for centuries. This Article provides a novel theoretical framework for understanding and regulating fintech by showing how the supervision of financial innovation is invariably bound by what can be described as a policy Trilemma. Specifically, we argue that when seeking to provide clear rules, maintain market integrity, and encourage financial innovation, regulators have long been able to achieve, at best, two out of the three goals. Moreover, today\u27s innovations exacerbate the tradeoffs historically embodied in the Trilemma by either reconfiguring or disintermediating traditional financing operations and the discrete services supporting them, thereby introducing unprecedented uncertainty as to their risks and benefits. This Article thus proceeds to catalogue the strategies taken by regulatory authorities to navigate the Trilemma, and posits them as operating across a spectrum of interrelated responses. It then proposes supplemental administrative tools to support not only market, but also regulatory data gathering and experimentation

Duty and Diversity

In the wake of the brutal deaths of George Floyd and Breonna Taylor, a slew of reforms from Wall Street to the West Coast have been introduced, all aimed at increasing Diversity, Equity, and Inclusion (“DEI”) in corporations. Yet the reforms face difficulties ranging from possible constitutional challenges to critical limitations in their scale, scope and degree of legal obligation and practical effects. In this Article, we provide an old answer to the new questions facing DEI policy, and offer the first close examination of how corporate law duties impel and facilitate corporate attention to diversity. Specifically, we show that corporate fiduciaries are bound by their duties of loyalty to take affirmative steps to make sure that corporations comply with important civil rights and anti-discrimination laws and norms designed to ensure fair access to economic opportunity. We also show how corporate law principles like the business judgment rule do not just authorize, but indeed encourage American corporations to take effective action to help reduce racial and gender inequality, and increase inclusion, tolerance and diversity given the rational basis that exists connecting good DEI practices corporate reputation and sustainable firm value. By both incorporating requirements to comply with key anti-discrimination laws mandatorily, and enabling corporate DEI policies that go well beyond the legal minimum, corporate law offers critical tools with which corporations may address DEI goals that other reforms do not—and that can embed a commitment to diversity, equity, and inclusion in all aspects of corporate interactions with employees, customers, communities, and society generally. The question therefore is not whether corporate leaders can take effective action to help reduce racial and gender inequality—but will they

Establishment and persistence of legumes on sites varying in aspect, landscape position and soil type

Most Iowa pastures display only a small variety of plant species, resulting in large seasonal and annual variations in pasture productivity. This project evaluated the causes for these variations in cool-season grass pastures and considered ways to improve diversity of legume species used for grazing

IgG Responses to Anopheles gambiae Salivary Antigen gSG6 Detect Variation in Exposure to Malaria Vectors and Disease Risk

Assessment of exposure to malaria vectors is important to our understanding of spatial and temporal variations in disease transmission and facilitates the targeting and evaluation of control efforts. Recently, an immunogenic Anopheles gambiae salivary protein (gSG6) was identified and proposed as the basis of an immuno-assay determining exposure to Afrotropical malaria vectors. In the present study, IgG responses to gSG6 and 6 malaria antigens (CSP, AMA-1, MSP-1, MSP-3, GLURP R1, and GLURP R2) were compared to Anopheles exposure and malaria incidence in a cohort of children from Korogwe district, Tanzania, an area of moderate and heterogeneous malaria transmission. Anti-gSG6 responses above the threshold for seropositivity were detected in 15% (96/636) of the children, and were positively associated with geographical variations in Anopheles exposure (OR 1.25, CI 1.01–1.54, p = 0.04). Additionally, IgG responses to gSG6 in individual children showed a strong positive association with household level mosquito exposure. IgG levels for all antigens except AMA-1 were associated with the frequency of malaria episodes following sampling. gSG6 seropositivity was strongly positively associated with subsequent malaria incidence (test for trend p = 0.004), comparable to malaria antigens MSP-1 and GLURP R2. Our results show that the gSG6 assay is sensitive to micro-epidemiological variations in exposure to Anopheles mosquitoes, and provides a correlate of malaria risk that is unrelated to immune protection. While the technique requires further evaluation in a range of malaria endemic settings, our findings suggest that the gSG6 assay may have a role in the evaluation and planning of targeted and preventative anti-malaria interventions