Presidents and their administrations wield extraordinary authority over federal regulation. While executive agencies can only write rules within the bounds set by Congress, their mandates are often expansive. Presidents set priorities, appoint and direct agency leadership, and determine how and when to review proposed or existing rules for cost-efficiency and consistency. These decisions materially affect the pace of regulatory accumulation during a president’s time in office, which in turn affects the cost and complexity of doing business in the United States.
The following chart shows projected revenues and spending under the president’s proposal according to the new figures provided by the MSR. The first graph displays the data in dollar amounts while the second shows revenues and spending as a share of the economy (GDP).
Among its four principal financial products, the Export-Import Bank has provided “working capital” loans and loan guarantees that assure repayment to private lenders in the event a borrower defaults. According to bank officials, this form of subsidized financing “primarily” benefits small business. In a July 16 letter to Sen. Marco Rubio and others, Ex-Im president Fred Hochberg characterized the bank’s working capital financing as “issued to mostly small businesses.”…
Increasingly, states are deeply divided on central questions of national politics and policy. The divide is often viewed as a lamentable and perhaps dangerous form of political “polarization.” But those fears are exaggerated. In fact, the divide between and among the states offers an opportunity to reform federalism on a constitutional basis.
RegData, an online interactive tool, allows us to quantify the regulatory surge of Dodd-Frank in context. By analyzing the text of regulations and counting the words and phrases that signify a mandatory or prohibited activity—such as shall, must, may not, prohibited, and required—RegData gives a more meaningful measure of regulation than simply counting the number of new rules created or the number of pages added to the Federal Register.
To the put the Ex-Im Bank’s support of American businesses in perspective, we reproduced the White House table and replaced the nominal numbers with the share that each category represents. These shares show the impact of Ex-Im Bank financing on each state as a percentage of that state’s total exports but also small businesses and exporters over the same period.
The Congressional Budget Office (CBO) recently released its annual report on the federal government’s long-term budget outlook, which unsurprisingly remains bleak. Policymakers have known for years that the federal government’s long-term fiscal situation is unsustainable. Unfortunately, they have taken little action to address the situation. The longer Washington waits to get its financial house in order, the more difficult it will be to rectify the situation.
This week’s chart is a re-creation of a chart produced by the Richmond Fed. The share of financial sector liabilities subject to implicit or explicit government protection from losses grew from 45 percent in 1999 to 60 percent in 2013 and amounts to a staggering $26 trillion.
This week's charts compare the lifetime tax rates of couples in five different income brackets at three ages and for three separate tax scenarios: the current tax regime, a 57 percent tax increase in 2013, and a 69 percent tax increase in 2034. As the charts show, increasing federal taxes would raise each family’s lifetime tax rate and decrease each family’s lifetime spending. Delaying the tax increase would lower the burden on current taxpayers, helping the elderly now but shifting the tax bill onto future generations.
Federal agencies issue guidance documents that typically consist of sets of instructions or announcements written to inform regulated parties how to stay in compliance with the law. Owing to a confusing set of events, it is unclear whether these documents are receiving executive branch oversight from the Office of Information and Regulatory Affairs (OIRA). In the case of the Food and Drug Administration (FDA), hundreds of guidance documents appear on its website, yet there is almost no evidence of oversight from OIRA.
Luigi Zingales, one of the world’s foremost thinkers on financial development and capitalism, will join Tyler Cowen for a conversation about the policies that will shape capitalism moving into the future.
This book presents 17 oral histories of Hurricane Katrina survivors from four diverse New Orleans communities. The oral histories explore how these individuals, families, and communities began to rebuild after the devastation.