The Fight Against Corruption Needs Economists
Combating corruption and kleptocracy has traditionally been an afterthought in U.S. foreign policy: a goal that most policymakers considered laudable but hardly a priority. That attitude is no longer acceptable. In recent years, countries such as China and Russia have “weaponized” corruption, as Philip Zelikow, Eric Edelman, Kristofer Harrison, and Celeste Ward Gventer argued in these pages last year. For the ruling regimes in those countries, they wrote, bribery and graft have “become core instruments of national strategy” through which authoritarian rulers seek to exploit “the relative openness and freedom of democratic countries [that] make them particularly vulnerable to this kind of malign influence.”
Strikingly, one particular form of financial aggression—covert foreign money funneled directly into the political processes of democracies—has increased by a factor of ten since 2014.
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What happens when women run the economy? We’re about to find out
Women now hold many of jobs controlling the world’s largest economy – and they’re trying to fix it.
Treasury Secretary Janet Yellen, Commerce Secretary Gina Raimondo and trade czar Katherine Tai hold top jobs in U.S. President Joe Biden administration and many of his economic advisers also are women, as are nearly 48% of his confirmed cabinet-level officials.
5 Priorities for the Financial Stability Oversight Council
The Financial Stability Oversight Council (FSOC) was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to identify and mitigate threats to the stability of the financial system, particularly those that develop outside the traditional banking sector. Although the United States is notable for having many financial regulatory agencies, before the 2008 financial crisis, no one regulator or regulatory body was responsible for looking out across the financial system and addressing systemic risks.
Financial regulators focused on their respective jurisdictions, while significant risks built up across jurisdictions and outside of any one regulator’s purview. Risky financial activities and products sprouted in the cracks of the financial regulatory infrastructure as regulatory arbitrage, intentionally exploiting its fragmentation. The FSOC was structured to mitigate some of these regulatory design flaws.