report January 14, 2022 Biden’s nominees would bring diversity to the Fed—if they’re confirmed President Biden has announced his roster to fill key vacancies on the Federal Reserve’s 7-seat Board of Governors. If confirmed by the Senate, Biden’s nominees would advance his economic agenda at the central bank. They would diversify the ranks of economic policymakers and likely tighten supervision of Wall Street. Sarah A. Binder Senior Fellow - Governance Studies Twitter BinderSAB M Mark Spindel Chief Investment Officer, Potomac... By Brookings Institute, Post Brookings Institute
report January 12, 2022 The populist backlash in Chapter 11 From a bankruptcy perspective, the pandemic has unfolded differently than many expected. Prior economic crises have caused sharp upswings in bankruptcy filings. The 2007-2009 crisis was true to form, with business bankruptcy filings doubling during this time, to 60,837 in 2009 from 28,322 in 2007.1 Given that governments almost completely shut down the American economy in 2020, an even... By Brookings Institute, Financial Institutions Brookings Institute
report January 6, 2022 Who should regulate: Chairs or majorities of the board 2021 ended with a mini-crisis at the Federal Deposit Insurance Corporation (FDIC) resulting in the chair resigning after being outvoted by a majority of the board of directors. While this fight received substantial press attention, a similar fight occurred at the National Credit Union Administration (NCUA) where a majority of its board overruled its chair. These incidents highlight how... By Brookings Institute, Financial Regulation Brookings Institute
report December 15, 2021 Opening statement of Aaron Klein at roundtable on America’s unbanked and underbanked Chairman Himes, Ranking Member Steil, members of the Committee, thank you for inviting me to participate at this roundtable on America’s unbanked and underbanked. I laud the Committee’s attention to these substantial problems that impact approximately one out of four American families. Rectifying these problems is essential to achieving this Committee’s goal of addressing the growing prosperity gap. Aaron Klein Senior... By Brookings Institute, Financial Regulation Brookings Institute
report December 2, 2021 An AI fair lending policy agenda for the federal financial regulators Algorithms, including artificial intelligence and machine learning models (AI/ML), increasingly dictate many core aspects of everyday life. Whether applying for a job or a loan, renting an apartment, or seeking insurance coverage, AI-powered statistical models decide who will have access to the foundational drivers of opportunity and equality.1 Michael Akinwumi Chief Tech Equity Officer - National Fair Housing Alliance Twitter datawumi John Merrill Chief Technology... By Brookings Institute, Financial Regulation Brookings Institute
report November 29, 2021 China’s payments u-turn: Government over technology China has been at the forefront of a technological revolution in payments in both its private and public sectors. China’s tech firms succeeded in replacing the bank-based magnetic striped card world with a tech-based QR code system. Then the People’s Bank of China (PBOC) launched its central bank digital currency, followed by a series of government actions that appear... By Brookings Institute, International Financial Institutions Brookings Institute
report November 16, 2021 Credit scoring: Improve or eliminate? Your credit score plays a major role in your life, impacting your ability to rent an apartment, buy a house, get a credit card, and even how much you pay for auto insurance. These three-digit numbers, graded on a scale that resembles the SAT, have become more accessible to consumers due to recent changes in law, technology, and business.... By Brookings Institute, Financial Institutions Brookings Institute
report November 8, 2021 How Fintech Companies Can Mitigate the Racial Wealth Gap On November 2, 2021, Brookings Metro Fellow Kristen Broady testified to the U.S. House Financial Services Committee’s Task Force on Financial Technology, during a hearing titled Buy Now, Pay More Later? Investigating Risks and Benefits of BNPL and Other Emerging Fintech Cash Flow Products. Broady’s research, as detailed in her written testimony, shows how fintech companies can mitigate racial... By Brookings Institute, Testimony Brookings Institute
report November 4, 2021 Low-cost and shrinking: Hamilton County, Ohio Navigation November 4, 2021 Hamilton County is a declining population, low-cost county located in a low-to-moderate cost, slow-growth metropolitan area (Cincinnati, OH-IN-KY). Seven of the 16 metro area counties saw population decline from 2009 to 2019, and half of the counties fall into the lowest cost category (housing value-to-income ratios below 2.5). Hamilton had the largest population decline in the... By Brookings Institute, Essay Brookings Institute
report November 4, 2021 Expensive and growing: Loudoun County, Va. Navigation November 4, 2021 Loudoun County is rapidly growing, high-priced county located in a growing, high-priced metropolitan area (Washington, D.C.). All but one of the metro area’s 25 jurisdictions saw positive population growth from 2009 to 2019, and eight jurisdictions fall into the highest cost category (housing value-to-income ratios over 4). Loudoun had the second highest population growth rate in... By Brookings Institute, Essay Brookings Institute
report November 2, 2021 An analysis of financial institutions in Black-majority communities: Black borrowers and depositors face considerable challenges in accessing banking services Introduction Achieving the American dream—the opportunity to succeed, to provide food and shelter for family members, education for children, hope for a better life, and freedom of opportunity— requires capital. But, in the United States, access to capital for individuals and business owners is uneven based on race. The racial wealth gap remains significant. In 2019, the median net worth... By Brookings Institute, Report Brookings Institute
report November 2, 2021 Focus on bank supervision, not just bank regulation Introduction Last month, the Biden administration made headlines nominating Cornell Law School Professor Saule Omarova to serve as Comptroller of the Currency, a position from which she would oversee the National Banking System. Omarova’s nomination has drawn sharp criticism from the financial services industry, placing her alongside other Biden appointments within financial regulation such as chair of the Securities and... By Brookings Institute, Financial Regulation Brookings Institute
report October 29, 2021 Greening Asia for the long haul: What can central banks do? Here in Hong Kong, Category 8 typhoons used to be infrequent. Just as floods in Germany and massive wildfires in California were disasters we might see every decade or so. Sadly, this is no longer the case. In one week alone this October, Hong Kong saw two Category 8 typhoons. Earlier this year, floods devastated parts of central Germany,... By Brookings Institute, Post Brookings Institute
report October 29, 2021 Status check: Managing debt sustainability and development priorities through a ‘Big Push’ Executive Summary Emerging market and developing economies (EMDEs) have seen development prospects fade in the two years since the onset of COVID-19. Growth turned negative in 2020, is forecast to snap back in 2021, but then revert to a declining trend.1 Investment levels in Latin America and Africa are forecast to remain in the range of 20-25 percent of GDP... By Brookings Institute, Report Brookings Institute
report October 29, 2021 Status check: Managing debt sustainability and development priorities through a ‘Big Push’ Executive Summary Emerging market and developing economies (EMDEs) have seen development prospects fade in the two years since the onset of COVID-19. Growth turned negative in 2020, is forecast to snap back in 2021, but then revert to a declining trend.1 Investment levels in Latin America and Africa are forecast to remain in the range of 20-25 percent of GDP... By Brookings Institute, Report Brookings Institute
report October 29, 2021 What does success at the Glasgow climate conference (COP26) look like? Global leaders are gathering in Glasgow in the coming weeks as the United Kingdom hosts the 26th United Nations Climate Change Conference of the Parties, known as COP26. As global temperatures continue to rise, the calls for action on addressing the climate change threat rise as well. On this episode of the Brookings Cafeteria podcast, a leading expert on global... By Brookings Institute, Podcast Episode Brookings Institute
report October 29, 2021 What does success at the Glasgow climate conference (COP26) look like? Global leaders are gathering in Glasgow in the coming weeks as the United Kingdom hosts the 26th United Nations Climate Change Conference of the Parties, known as COP26. As global temperatures continue to rise, the calls for action on addressing the climate change threat rise as well. On this episode of the Brookings Cafeteria podcast, a leading expert on global... By Brookings Institute, Podcast Episode Brookings Institute
report October 28, 2021 Climate finance meets low-carbon agtech Headlining the climate finance discussions next week at COP26 may be the shortfall in advanced economies’ $100 billion annual pledge to help low- and middle-income countries (LMICs) adapt and further mitigate climate change. But with actual financing needs quickly approaching the trillions, the more important discussion may be reforming how public climate finance is deployed. Change is needed to... By Brookings Institute, Post Brookings Institute
report October 28, 2021 Climate finance meets low-carbon agtech Headlining the climate finance discussions next week at COP26 may be the shortfall in advanced economies’ $100 billion annual pledge to help low- and middle-income countries (LMICs) adapt and further mitigate climate change. But with actual financing needs quickly approaching the trillions, the more important discussion may be reforming how public climate finance is deployed. Change is needed to... By Brookings Institute, Post Brookings Institute
report October 28, 2021 Around the halls: Examining the impact of what does (or doesn’t) happen at COP26 The 26th U.N. Climate Change Conference (COP26) is scheduled to take place in Glasgow from October 31 to November 12, under the co-presidency of the United Kingdom and Italy. Brookings scholars from around the institution weigh in on how what does (or does not) happen at the conference will impact their area of expertise. Climate change finance at the macro... By Brookings Institute, Climate Change Brookings Institute
