Economy & Budget
As the U.S. continues its steady, but so far jobless, economic recovery, U.S. policy makers have rightfully set their sights on increasing exports to create American jobs and generate sustained economic growth.
The American business community supports this effort and an increasing number of U.S. companies have targeted China as an important export destination for their products and services. And for good reason - China is the fastest growing market for U.S. exports and is arguably the most important destination for future export growth.
The critical regulations put in place to rein-in Wall Street will only be as effective as the people charged with overseeing their implementation. That’s why I was so pleased by President Obama’s decision to tap Harvard professor Elizabeth Warren to lead the way in setting up the Consumer Financial Protection Bureau (CFPB).
When Herbert Hoover ran for president in 1928, the Republican party promised his victory would assure the prosperity of “a chicken in every pot.” This week, Republicans proffered a similar pledge to America.
Hoover won, and in 1929, after a decade of GOP rule in Washington, Republicans did deliver something foul to Americans. It wasn’t the much-anticipated cooking hen. It was the Great Depression.
Hedge funds listen: Ever heard of the TALBA? Of course not. It does not exist. Well, de facto it will exist: Analyzing the latest transatlantic legislative developments of financial sector regulation one might well speak of the creation of a Transatlantic Lehman Brothers Act, i.e. the TALBA.
Following the near collapse of the financial systems, a raft of rules aimed at preventing another crisis have been proposed and approved by US legislators. And European lawmakers are about to do the same. However, disagreement between European decision makers on how to deal with the problem of hedge funds have delayed the entry into force of such EU laws. A case in point is the proposed EU Alternative Investment Fund Managers Directive (AIFMD). It has taken nearly 18-months, but European lawmakers are still to agree on new controls for hedge funds.
The Board of Directors of The South Carolina Small Business Chamber of Commerce voted this week to support the effort in Congress to end tax cuts for the very rich. Here’s why.
The recent ponzi schemes that vanquished the retirement savings of thousands of Americans exposed serious flaws in the nation’s investor protection laws. Today, Congress will finally start examining how the Securities Investor Protection Corporation (SIPC) can better protect investors from criminals who are not playing by the rules.
George Orwell would appreciate the irony: The child nutrition bill that could come up for a vote in the House as early as this week would actually take food from the mouths of children. The Senate-created bill that attempts to improve and regulate what our schools are serving for breakfast and lunch would be paid for, in significant part, with a $2 billion reduction to the federal food stamp program, or SNAP, cutting $59 from a typical family of four’s monthly food budget.
Global markets have changed and competition has increased over the last 60 years but the United States remains the world’s largest manufacturer and provider of services. In fact, much of our economic growth in recent years can be attributed to robust international trade. According to the US Chamber of Commerce, more than 1 in 5 American jobs depend on international trade.
President Obama announced the formation of the President’s Export Council (PEC) in July, the principal national advisory committee on international trade. As Members of the PEC, we recognize that done right, trade agreements can create jobs, increase exports, and help our economy recover. Done wrong, however, trade agreements send those same jobs off-shore, benefiting a narrow class of investors while leaving American working families behind.