Solveig Singleton and Jerome Famularo Financial service products and markets are complex, which is partly why some insist that consumers need the Consumer Financial Protection Bureau (CFPB). Ironically, the CFPB itself has failed to appreciate this complexity, enacting rules that do more harm than good because of unintended consequences. This post, the third in a series on CFPB reform, surveys ...
Nicholas Anthony This year is the 55th anniversary of the Bank Secrecy Act. At the 50th anniversary, Michael J. Casey wrote in the Cato Journal about how “the system’s pervasive identifying, tracking, and reporting of transactions imposes very real costs on the global economy.” It’s been five years, and things have largely gotten worse. Banks filed 27.5 million reports and spent ...
Jeffrey Miron In a recent Washington Post op-ed, tax policy expert Scott Hodge reminds us that many universities engage in numerous activities that are tax-exempt but have only an indirect or modest connection to education: According to the latest Internal Revenue Service tax data … the top 100 private colleges generated $207 billion of revenue in 2023. Roughly 80 percent ...
Jai Kedia We have disagreed with several of the administration’s proposals on economics in general and monetary policy in particular. But credit where it’s due: National Economic Adviser Kevin Hassett’s recent statements about the Fed are correct. In an interview with Politico, Hassett said: “An independent Fed is very transparent…it tells you, this is what we think the economy is going ...
Chris Edwards Americans have tethered a huge amount of economic activity to the federal government. Sadly, that nullifies one of our nation’s natural governing advantages: federalism. Politicians make mistakes all the time, and their schemes are often foolish, but we could minimize the damage if we decentralized power to the states and the private sector. Unfortunately, we have done the ...
Colleen Hroncich When Amy Sparks and her husband opened School of Hope in Fayetteville, NC, they were doing more than establishing a school—they were preserving the legacy of their son Jarred, who had autism and passed away unexpectedly. “I had talked about this over 20 some years ago, and it came to fruition in 2017. And it was because we ...
Romina Boccia The Trump administration has argued, in ongoing litigation, that revoking certain tariff authority would have “catastrophic consequences” and “lead to financial ruin.” The administration’s concerns are overblown and misrepresent the actual fiscal situation. America’s debt problem is driven by runaway entitlement spending and interest costs. Tariff authority does not change those fundamentals, and even under optimistic revenue scenarios, ...
Matthew Cavedon I had the privilege of spending several days last week at this year’s National Catholic Conference on Restorative Justice. The experience left me inspired and motivated to seek further dialogue between its supporters and libertarians. Restorative justice can be defined as “a voluntary and safe process that brings together people affected by harm.” Its twin goals are for ...
Matthew Cavedon I had the privilege of spending several days last week at this year’s National Catholic Conference on Restorative Justice. The experience left me inspired and motivated to seek further dialogue between its supporters and libertarians. Restorative justice can be defined as “a voluntary and safe process that brings together people affected by harm.” Its twin goals are for ...
Priyanka Venkat For the 29th straight year, the United States Congress has failed to pass its annual appropriations. It has also failed to pass the usual band-aid of a continuing resolution, triggering the 22nd government shutdown since the modern appropriations process began in 1976. This government shutdown showcases something deeper than a usual partisan divide. Despite having a president who ...