Basel III, Religious Freedoms, and the D.C. Taxicab Medallion System

Basel III

Recently, several power-players in the financial sector have called for the U.S. to pull out of the Basel III bank solvency agreement.

CEI President Fred Smith comments.

“The international agreements to ensure the financial stability of banks, Basel I, II, and now the emerging III — claimed to strengthen banks by ensuring that the assets included in banking reserves were well selected. Risk-based capital was the goal — encouraging banks to place greater emphasis on assets that were more secure, less on those more likely to default. But, of course, governments tend to trust governments; thus, sovereign debt (specifically that of ‘developed’ nations and government-sponsored enterprises (GSEs)) received a higher rating and thus, a higher weighting.”

Religious Freedoms

The Justice Department is questioning the long-standing ministerial exemption to equal employment laws.

Senior Counsel Hans Bader comments.

“If the Justice Department’s position were adopted, some churches might be pressured to adopt race and gender quotas. If the Justice Department’s position were accepted by the courts, not only would churches have to hire people who are ineligible to serve as clergy under their longstanding theology (like the Catholic Church being forced to hire female priests), but they might also have to get rid of education, training, and theological requirements that unintentionally weed out disproportionate members of particular groups.”

D.C. Taxicab Medallion System

D.C. Councilmember Mary Cheh held a roundtable this week on the D.C. Taxicab Commission.

Policy Analyst Marc Scribner talks about the coalition letter CEI and other groups have sent to Cheh, urging her to reject a taxicab medallion system.

“Chairperson Cheh has displayed leadership on this issue in the past. We hope she takes at least a moment during today’s roundtable to express her wholehearted opposition to this legislation, which would harm consumers, entrepreneurs, and the District’s reputation if enacted.”