A report released today by Truth in Accounting, a nonpartisan government accounting watchdog, showed that in America's most populous cities, New York City ranks 75th in fiscal health for the fifth year in a row. Read more here … [Read more...] about Of America’s Biggest Cities, New York City Is In The Worst Fiscal Health
Opinion
All U.S. Bank Regulators Should Require Banks To Incorporate Climate Change Risks Into Their Risk Management Frameworks And Disclosures
It is imperative that banks incorporate climate change risks in every aspect of their day-to-day risk management so that they are adequately capitalized and liquid to sustain unexpected losses, and so that they do not pose a threat to financial stability or to the communities they operate in. Read more here. … [Read more...] about All U.S. Bank Regulators Should Require Banks To Incorporate Climate Change Risks Into Their Risk Management Frameworks And Disclosures
Legislators Should Require Supervision And On-Site Examination Of Private Equity Firms
According to a study released yesterday by the Americans for Financial Reform, The Center For Popular Democracy, and United For Respect, private equity-owned retailers slashed over half a million jobs even before the pandemic. “They cost nearly 542,000 jobs and closed nearly 18,000 stores by February 2020.” Total job losses have been substantial and widespread with more than 10,000 retail jobs lost in 20 states and more than 30,000 jobs lost in California, Florida, and New York. Read more … [Read more...] about Legislators Should Require Supervision And On-Site Examination Of Private Equity Firms
Financial Stability Oversight Council Is Missing An Opportunity To Enhance Preparedness And Response To Financial Stability Risks
In analyzing the leveraged lending and Collateralized Loan Obligation (CLO) markets, the U.S. Government Accountability Office found there are more opportunities for the Financial Stability Oversight Council (FSOC) to prepare and respond to financial stability threats. FSOC has been monitoring risks that arise in the leveraged lending market, through its monthly Systemic Risk Committee meetings. In its report released today, the GAO stated that “FSOC does not conduct tabletop or similar … [Read more...] about Financial Stability Oversight Council Is Missing An Opportunity To Enhance Preparedness And Response To Financial Stability Risks
Financial Literacy Is More Essential Than Ever
The pandemic has exposed many vulnerabilities and challenges that the United States needs to confront immediately. On a daily basis, I see those vulnerabilities in the area of financial literacy, that is, knowledge about earnings, expenditures, savings, investments, and long-term financial planning. According to studies compiled by the U.S. Financial Literacy and Education Commission, only one-third of adults could answer at least four of five financial literacy questions on fundamental … [Read more...] about Financial Literacy Is More Essential Than Ever